Jack Dorsey Said To Tell Congress On Bitcoin: We Don't Want To Be A Visa Or Mastercard

Block Inc. SQ CEO Jack Dorsey was invited by Congressional Democrats to talk about Bitcoin BTC/USD, according to a report from The Block.

What Happened: Dorsey reportedly participated in a private Q&A session with the Democrats of the House Financial Services Committee on Thursday.

The committee hosted the meeting that was open to other Democratic members and their staff, said sources.

"We want to build services and don't want to be a Visa Inc V or Mastercard Inc MA. We want to be an open medium for everyone in the world," Dorsey said, as per meeting notes obtained by The Block.

The notes also purportedly revealed that the committee asked Dorsey a number of questions about areas that remain a point of concern for cryptocurrencies, including Bitcoin’s energy consumption and potential use in money laundering.

Dorsey responded by shining light on the energy mix that powers Proof-of-Work networks like Bitcoin. According to the most recent data shared by the Bitcoin Mining Council, the global mining industry’s sustainable electricity mix has grown to approximately 58.5% in the fourth quarter. 

Dorsey addressed money laundering concerns by pointing to the transparency of blockchain-based transactions for investigators.

Price Action: According to data from Benzinga Pro, Bitcoin traded at $45,050, down 4.93% in the last 24 hours.

See Also: Jack Dorsey's Block To Develop New Bitcoin Mining Microchip