On Wednesday (April 21), Jack Dorsey, the CEO of Twitter and Square, who is a huge believer in Bitcoin, said that the flagship cryptocurrency “incentivizes renewable energy.”
According to Bloomberg, on 16 May 2018, Dorsey, who is also the CEO of Twitter, shared his belief in Bitcoin with a crowd of crypto enthusiasts at the Consensus 2018 conference in New York:
“The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or no, but hope it will be.“
Payment solutions provider Square was founded in February 2009. The three co-founders are Jack Dorsey (who is also the company’s Chairman and CEO), Jim McKelvey, and Tristan O’Tierney.
Square Crypto, which was launched in March 2019, was “designed to strengthen the bitcoin ecosystem”, as product manager Steve Lee explained back in July 2019:
Square Crypto is a separate organization from Cash App and the rest of Square. This is an open-source initiative designed to strengthen the bitcoin ecosystem. – Stevehttps://t.co/V2MjUKWwht
— Square Crypto (@sqcrypto) July 29, 2019
Recently, Square Crypto and ARK Investment Management, LLC (aka “ARK” or “ARK Invest”), which was founded and is headed by Cathie Wood, teamed up to create a white paper (or “memo” as they prefer to call it) titled “Bitcoin is Key to an Abundant, Clean Energy Future”.
Yesterday, Square Crypto took to Twitter to explain the main ideas from this paper:
For much more info about how this would work, check out the white paper link and ARK’s comprehensive open-source model and assumptions:https://t.co/Jp8RNQ5NTQ
Thoughts? @milessuter’s DMs are wide open.
— Square Crypto (@sqcrypto) April 21, 2021
Square Crypto said:
“Solar and wind produce cheaper energy than fossil fuels. This should make them ubiquitous, but they’re held back by an obvious flaw: they produce too much energy when demand is low and not enough when it’s high. Batteries could fix this, but alone aren’t economical enough.
“What can fix this problem is an ecosystem where solar/wind, batteries, and bitcoin mining co-exist to form a green grid that runs almost exclusively on renewable energy. Not only is this doable, it is doable without jeopardizing the sector’s profitability.“