Jack Dorsey Bullish Future on Bitcoin, Crypto as Global Payment

Cornelia Mascio
Mag 17, 2018

Jack Dorsey, the founder and CEO of Square and the co-founder and CEO of social media platform Twitter, was speaking at the Consensus conference today in NY.

Twitter has always been a platform that has been centric for cryptocurrency users and organizations.

Dorsey, who's also the CEO of payments company Square, revealed he's in sync with most cryptocurrency enthusiasts.

"The internet deserves a native currency..." I don't know if it'll be Bitcoin or not.

Dorsey has been notoriously bullish on bitcoin's role in the future of payments, and told the Sunday times newspaper in March he expects bitcoin to become the single global currency within the next decade.

The CEO declared if cryptocurrencies were used as a global currency it would allow Square to enter new markets around the world more easily. I saw all these conversations on Twitter about it, and the community was interesting.

However the cryptocurrency has only added 4.31 per cent to its value in the last month and has plummeted by over 10 per cent in the last week. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.

Notably, Stark claimed that Square was one of the first companies to seek a cryptocurrency consult with the SEC, whose representatives recently stated that they do not consider Bitcoin a security.

According to a new study more than 50 percent of retailers utilizing Square Inc.'s checkout technology would be willing to accept Bitcoin as a form of payment
Jack Dorsey, CEO of Twitter and Square, Says, “The Internet Deserves a Native Currency”

"If we were able to use it as a currency today (...) we could release our apps in every app store around the world", he said.

The possibility of an addition of cryptocurrencies to the Square platform may be promising for the industry as Square has been growing faster than Paypal's subsidiary, Venmo, another upcoming payment processing platform. Since then, San Francisco-based Square has said it's introducing Bitcoin trading for nearly all users of its Cash App, which lets users send money to friends and family.

Despite the success of the arrival of cryptocurrency trading on Square, it was still a controversial topic within the internal structure of the company.

"We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology", Dorsey said.

The reason? Square users were mostly small business selling "candles and bikes" - in Dorsey's words - and customers simply weren't ready to buy those things with bitcoin.

What do you think of Jack Dorsey's statements?

The company came up with their familiar compact, square card-reading device and continued to innovate around making all aspects of taking payments with the device easier for sellers.

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