Michael left Tesla for Square due to the dollar’s loss of purchasing power in recent years. He celebrates that, in 20 days, more than 2 million Salvadorans managed to use a bitcoin wallet.
Michael Rihani, a computer science specialist who was on the staff of electric vehicle maker Tesla Motors, will now dedicate his efforts to developing tools to drive bitcoin (BTC) adoption.
Rihani, of Lebanese origin, based in the United States of America, said through Twitter that he is now the new employee of digital payments firm Square. He will contribute to developing the CashApp mobile payment application, which also allows the purchase of bitcoin.
Michael also used his Twitter thread to highlight the 21 reasons that encouraged him to change Tesla for Square. In them, he refers to the loss of the purchasing power of the dollar in recent years.
The developer also spoke about the value of a PlayStation video game console, the price of which has risen in dollars over time, but which, compared to bitcoin, has fallen drastically in value every year.
Rihani also adds that more than 30% of the already existing US dollars appeared the last year. Therefore, USD 100 from 1913 would only be equivalent to about USD 3, but bitcoin fixes the amount.
Another reason why Rihani decided to make efforts to approach the first of the cryptocurrencies is the strictly limited supply of 21 million coins that bitcoin has, a slightly different supply. This supply from the traditional system lets the dollar operate, and its base monetary tends to infinity.
Rihani also felt motivated to join the Square team because of a speech by Jack Dorsey declaring bitcoin the most relevant currency on the internet. In addition, he acknowledges that the adoption of cryptocurrency grows much more concerning the network considering that Bitcoin will have one billion users in 2025.
The Decentralization of Bitcoin is a Powerful Feature
On the list of reasons why Rihani decided to step away from Tesla to empower the development of tools to drive the adoption of Satoshi Nakamoto’s invention, he mentions the decentralized nature of the Bitcoin network.
Rihani said cryptocurrency has a feature that he has never existed before; this feature is trust, and it is a powerful ally. This useful feature comes from the mathematical and game-theoretic properties of the platform. It means users don’t have to trust the government.
The developer also considers that human beings have an alternative such as bitcoin because more than 4,300 million people or more than 50% of the population across the globe live under an authoritarian regime. But bitcoin is coming up as a powerful force for human rights around the world.
Rihani exposes the crisis in Lebanon in which his family and friends are suffering. The nation has lost more than 90% of its wealth because of corruption and the development of a Ponzi scheme.
By: Jenson Nuñez
