Jack Dorsey is pushing bitcoin as the best possible internet “native currency.” The Twitter co-founder and current Square CEO is emerging as an outspoken proponent at the forefront of mainstreaming bitcoin and other cryptocurrencies as payment methodologies.
Instead, Dorsey sees a single dominant online currency, an all-encapsulating digital coin.
“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.
Dorsey was speaking during what has been dubbed “Blockchain Week,” a partnership with city authorities that is feting blockchain technology and altcoins and positioning New York as an attractive blockchain destination.
Twitter and Square CEO, Jack Dorsey. Source: YouTube
Global Transactions Made Easy
Dorsey pointed out that the employment of digital currency – bitcoin or otherwise – would facilitate many things, among them his company’s entrance into new markets. Dorsey wants Square to lead the pack in establishing cryptocurrency as a globally accepted means of payment.
Adamant that the internet will one day have a “native currency,” Dorsey is active in legitimizing virtual currency payments heading into the future. He also said that while he couldn’t predict whether bitcoin will fill the role of default internet currency, he hoped that it should become so. “I don’t know if it will be bitcoin but I hope it will be,” Dorsey said.
Dorsey is eyeing the benefits to his business of a future realm in which digital currencies are the default payment methodology, especially when transacting online. He is on record as a “huge fan” of bitcoin and as enamored of the underlying technology as millions of others. Speaking on the possibilities, he said that “If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we’re in.”
The Twitter chief outlined the now unnecessary issues faced when a company approached any new market on the back of fiat currencies. Local currency issues have to be factored into the approach at the outset, even before a local banking partner, compliance with local regulatory dictates and other necessities are resolved. In spite of jeering from some quarters, Square began offering users cryptocurrency trading via its Cash app in January 2018.
In the first quarter post-launch, Dorsey’s payments processing company sold $34.1 million in bitcoin. Such was Dorsey’s enthusiasm that he initially bought $33.9 million on bitcoin so that users found a fluid marketplace of trading when Square opened. Hence, the real net of the first quarter was around $200,000. That said, according to Nomura Instinet, Square’s mobile app is beating PayPal’s Venmo offer, growing faster because of its acceptance of bitcoin.
Dorsey The Bitcoin Bull
Dorsey said in March 2018 that he felt confident that bitcoin would become a single, global currency over the coming decade. Dorsey is a bitcoin investor, trader, and enthusiast, carrying the original ethos of the cryptocurrency paying for life on a daily basis. When making his prediction in March, he added that the advent of a global bitcoin as default payment “could go faster” than ten years.
Stanley Druckenmiller, the celebrity investor, has along with some other commentators expressed skepticism over bitcoin.
Speaking to CNBC in December 2017, he said that bitcoin was a failed project because “you can’t do transactions, particularly retail transactions, with this kind of volatility.”
True as that might be, Druckenmiller may also have vested interests at play in rubbishing bitcoin, which is trading at $8,280.60 at the time of writing.