Jack Dorsey Sees A Bright Future For Bitcoin
If you believe crypto is the future of currency Twitter and Square Inc CEO is on your team. Jack Dorsey spoke at the Consensus blockchain conference in New York to express his enthusiasm for the future of bitcoin and how he wants to help move the technology forward. “The internet is going to have a native currency, so let’s not wait for it to happen, let’s help it happen,” he said at the conference. “I don’t know if it will be bitcoin, but I hope it will be.”
The Twitter CEO told the Sunday Times newspaper in March that he expects bitcoin to become the single global currency within the next decade. Dorsey is also a personal investor in bitcoin, and his recent speech reaffirms his positive stance on the crypto market.
A big leap in the industry came from Dorsey’s payments processing company Square adding transactions in bitcoin to their Cash app in January. The CEO stated that using bitcoin or another cryptocurrency as a global currency would lower the barrier for his company to enter new markets.
According to Nomura Instinet, the Cash app is growing substantially quicker than Venmo and other payment processing apps because of their decision to add crypto to their platform.
Like most companies, not everyone on the board of directors remains as bullish as Dorsey on bitcoin’s role in the future of currency. The CEO expressed that there are still varying opinions on the topic and the decision to add bitcoin to the app was a controversial move in the company.
Dorsey concurred that as of right now Bitcoin has its problems and that it’s slow and costly, but he remains hopeful that as adoption becomes more widespread, these issues will disappear.
Square spent $33.9 million to buy bitcoin for the Cash App and sold a total $34.1 million. As a result, Square reported low bitcoin trading profits that only amounted to around $200,000. Regardless, Dorsey’s view on bitcoin remains hopeful, which gives the crypto community at large a boost in morale.