Jack Dorsey, the Chief Executive Officer of social media giant Twitter revealed in this year’s Consensus conference held in New York that he hopes to see Bitcoin as the Internet’s native currency. Jack Dorsey is also the Chief Executive Officer of Square – a payment solution provider – and he also said that he is in sync with several crypto enthusiasts in the business. Jack Dorsey said that the internet will have a native currency and instead of waiting for it to happen, we should help it.
According to Jack Dorsey’s words, he is a huge fan of the flagship cryptocurrency and hopes that Bitcoin will help bring down the annoying barriers that his payment company Square currently have to face when expanding the business to new markets. The business executive told that currently, Square has to approach each market differently as it deals with fiat currencies. He told that the company has to find a banking partner suitable for the new market and work with regulators.
Cryptocurrencies would help his company a lot in expanding worldwide at an extraordinary pace instead of the slow pace that the company currently is limited to. Dorsey said that the only problem is that Bitcoin cannot be used as a currency today, if it was used as a currency, Square would have been able to launch its mobile application all over the world instead of just five countries that Square currently operates in.
It is no surprise that Jack Dorsey is a sucker for bitcoin. The business chief is often quoted making predictions about the cryptocurrency’s value and position in the future. Jack Dorsey recently made the prediction that Bitcoin will be world’s single currency within 10 years. The Twitter and Square CEO was also a part of a seed funding round in lightning Labs which raised $2.5 million in that funding round alone. Lightning Labs is developing a technology that is expected to make bitcoin transaction much more efficient.
Jack Dorsey also revealed at the Consensus conference that even though he strongly supports cryptocurrencies like Bitcoin, many individuals in his own company do not. Jack Dorsey told that not everyone is enthusiastic about the cryptocurrency and many people were skeptical about the decision when Bitcoin was added to the Square’s mobile application Cash. According to the CEO, there are still debates in the company over this topic.
Bitcoin trading option was added in Square’s Cash app in January 2018. The company has reportedly sold over $34.1 million worth of Bitcoin in the first quarter and spend about $34 million to buy the cryptocurrency during the same period. According to these numbers, Square has made about $200,000 from bitcoin trading in the first quarter of 2018 without charging fees. These numbers may not be sky-high, but they prove that a more aggressive venture with bitcoin could make a lot of profit for the company.