He’s the newest in quite a lot of high-profile figures to publicly pledge assist for the burgeoning cryptocurrency, which has skilled large worth positive aspects during the last yr.
A sustained rally has seen bitcoin’s worth rise from beneath $5,000 (£3,650) final March to above $38,000 at this time.
The surging worth has been pushed by elevated curiosity from institutional buyers trying to diversify their portfolios in the course of the financial uncertainty caused by the coronavirus pandemic.
Endorsements from the likes of Elon Musk have additionally contributed to sudden market actions, with the SpaceX and Tesla boss not too long ago altering his Twitter bio to a single phrase: “Bitcoin”.
In a latest Q&A session on the app Clubhouse, Mr Musk additionally iterated his curiosity and constructive predictions for bitcoin.
“I do at this level assume bitcoin is an efficient factor. I’m a supporter of bitcoin,” he stated.
“I feel bitcoin is actually on the verge of getting broad acceptance by typical finance folks.”
The choice by Mr Dorsey, who additionally heads the web funds platform Sq., to run a bitcoin node gives extra concrete assist for the cryptocurrency, because it offers the digital infrastructure wanted to validate transactions on the community.
He shared the information on Twitter, tweeting a screenshot of the node in motion alongside the caption, “Working #bitcoin”.
On the time, bitcoin was price one tenth of at this time’s costs.
“I feel there is a large acceleration that is going to occur inside the subsequent 10 years,” he instructed the Tales from the Crypt podcast, including that he was in search of methods to higher assist the bitcoin neighborhood.
“I do not wait round for that to occur to me or to us as an organization [Square], I need to assist make it occur. To me , all of it goes again to the web. What does the web need to be? It needs a foreign money, it is all the time wished a foreign money, it simply hasn’t had the expertise till 10 years in the past.”