On Wednesday (April 21), Jack Dorsey, the CEO of Twitter and Square, who is a firm believer in Bitcoin, said the flagship cryptocurrency is “stimulating renewable energy.”
According to BloombergOn May 16, 2018, Dorsey, who is also the CEO of Twitter, shared his belief in Bitcoin with a group of crypto enthusiasts at the Consensus 2018 conference in New York:
“The internet deserves a local currency; it will have a local currency. I don’t know if it will be bitcoin or not, but I hope it will.“
Payment solution 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, launched in March 2019, was “designed to empower the Bitcoin ecosystem” as a product manager Steve Lee already declared in July 2019:
Square Crypto is a separate organization from Cash App and the rest of Square. This is an open source initiative to strengthen the Bitcoin ecosystem. – Stevehttps://t.co/V2MjUKWwht
– Quadratic crypto (@sqcrypto) 29th July 2019
Recently Square Crypto and ARK Investment Management, LLC (also known as “ARK” or “ARK Invest”) which was founded and is directed by Cathie Wood, teamed up to create one White paper (or “Memo” as they prefer to call it) entitled “Bitcoin is the key to a rich, clean energy future”.
Yesterday, Square Crypto went to Twitter to share the key ideas from this article:
For more information, see the whitepaper link, as well as the comprehensive open source model and assumptions of ARK:https://t.co/Jp8RNQ5NTQ
Thoughts? @ MilessuterThe DMs are wide open.
– Quadratic crypto (@sqcrypto) April 21, 2021
Square Crypto said:
“Solar and wind produce cheaper energy than fossil fuels. This should make them ubiquitous, but they are held back by an obvious flaw: they produce too much energy when demand is low and not enough when it is high. Batteries could fix this, but they are not economical enough on their own.
“What can fix this problem is an ecosystem where solar / wind, batteries, and bitcoin mining coexist to form a green grid that runs almost entirely on renewable energy. Not only is it doable, but it can be done without jeopardizing the profitability of the sector.“