Part 5/14:
Central to Dorsey's vision is the idea of an open, interoperable financial standard—analogous to the web’s HTTP or HTML—that allows myriad providers to innovate and compete. He emphasizes that just as many internet browsers or social platforms can coexist on the open web, numerous companies and services will thrive on the Bitcoin and Lightning network, each offering differentiated consumer experiences.
He fervently argues against legacy institutions’ complacency. They’ve historically failed to innovate after the 2008 financial crisis, creating a fertile ground for fintech startups to fill the gaps. Now, with Bitcoin’s open protocol, traditional banks and payment networks face competitive pressure to improve or be displaced.