Twitter and Square Inc. CEO Jack Dorsey expressed optimism about cryptocurrency's role in the future of payments, saying that "The internet deserves a native currency" and "It will have a native currency," Bloomberg reports May 16.At the Consensus conference on Wednesday, Dorsey shared crypto enthusiasts' vision that virtual currencies are the future of a legitimate means of global payment.
Square, a developer of payment and financial services solutions, allowed merchants to accept BTC in 2014 and made BTC trading available for almost all users of its Cash App in February of this year.
Not everyone at Square shares Dorsey's enthusiasm however.
According to Dorsey, some of the company's board of directors are also resistant to the idea of cryptocurrency.
In the beginning of May, Square reported low profits from BTC trading in the first quarter, which only amounted to around $200,000.
While BTC trading constituted a 5 percent overall revenue of $34.1 mln, the company spent $33.9 mln to purchase the tokens.
Dorsey's recent speech reaffirms previous comments that Bitcoin will become the world's "Single currency" within a decade.
"The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin."
Dorsey noted that, at the moment, Bitcoin is "Slow and costly," which makes it difficult to use as a medium of exchange.
He added that "As more and more people have it, those things go away."
Twitter CEO Jack Dorsey Reaffirms Bullish Future on Bitcoin, Crypto as Global Payment
Published on May 16, 2018
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.