I Hope Bitcoin Will Be Internet's 'Native Currency': Twitter CEO Jack Dorsey

Lester Mason
May 17, 2018

Jack Dorsey, founder and CEO of the mobile payment company Square (SQ) - when he's not running his other company Twitter (TWTR) - was one of the most anticipated speakers at the conference, since Square has embraced bitcoin more than other traditional tech companies.

However, Dorsey remains insistent that the long-term goal for Square is still to make crypto payments both seamless and universal. 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.

It's the future, you see.

A spokesman for Square told Reuters that the company does not have figures to share on Dorsey's bitcoin and cryptocurrency holdings.

Dorsey said the main thing that changed for him was that community participation in Bitcoin increased.

Not everyone at Square was as enthusiastic as Dorsey was about the move. With the current Cash app, users can sell and buy bitcoin in the marketplace, but still can't send it directly to other Cash users, nor can they use it to purchase from merchants that use Square to process payments. "We wanted to make sending money as easy as talking".

Despite the controversy, Dorsey argues that the vision of open access that bitcoin inspires is fundamental to the role Square has always played in the payments industry. In an ideal world, the cryptocurrency will be automatically transferred to dollars the moment the transaction happens and the seller doesn't even need to know it was paid with bitcoin.

Dorsey admits that the 2017 adoption of Bitcoin was a contentious move within the company, but spoke of his personal beliefs on the matter and why he was so determined to see it through, interrupted twice by applause from the audience.

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative. He didn't mention why the company abandoned the original bitcoin payment plan.

"The internet deserves a native currency; it will have a native currency", he explained while being interviewed on stage by Elizabeth Stark of Lightning Labs. "It's going to happen". It will have a native currency.

"I hope it will be bitcoin". I hope it will be.

Other reports by Iphone Fresh

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