By
Chimamanda U. Martha
April 25th, 2024
Dorsey says that he looks at the future where Bitcoin (or other digital currency) could be used by merchants for daily transactions.
Jack Dorsey — CEO of both Twitter and Square — doubles down on his support for Bitcoin saying that one day it will become the native cryptocurrency of the internet in the coming years. Dorsey is a long-time Bitcoin supporter and remains quite optimistic on the long-term future of the cryptocurrency. Earlier this year in March, Dorsey said that Bitcoin is all set to become world’s ‘single currency‘ replacing the dollar, just in a matter of next 10 years.
On Wednesday, during his interview with Elizabeth Stark at the Consensus 2018 Conference in New York, Dorsey said: “The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or not,” he said, but “I hope it will be. It’s going to happen. We need to learn how to help make that happen.”
In 2009, Dorsey along with Jim McKelvey also co-founded a payment processing financial services company Square which allowed merchants to accept Bitcoin payments since 2014. Earlier this year in March 2018, Square allowed the users of its Cash App to buy and sell Bitcoins. The company at that time said: “We observed that this was a feature our customers wanted, and we support Bitcoin because we see it as a step in the long-term path toward greater financial access for all.”
However, not everyone at Square was as enthusiastic as Dorsey regarding the move of adding Bitcoin trading to its platform. “I’ll be frank, this was a pretty contentious move in the company,” he said. Dorsey says that even today there are debates going on between the board members regarding the acceptance of cryptocurrencies.
In the first quarter earnings figure of Square, the company reported that it fetched $34.1 million revenue from selling Bitcoins, however, the company has to spend $33.1 million buying the cryptocurrency.
During the latest Consensus conference, Dorsey said: “This technology is a fundamental shift to our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”