Jack Dorsey, co-founder of social network Twitter and founder and CEO of payments company Square, spoke about his views on Bitcoin at the 2018 Coindesk Consensus conference in New York.
Jack Dorsey said he wants Square to make cryptocurrencies a legal means of global payment. He said:
“The internet is going to have a native currency, and instead of waiting for it to happen, let’s help make it happen.I dont know if this native currency is Bitcoin, but I hope it will become a reality.”
Jack Dorsey also said he is a huge fan of Bitcoin and is very bullish on its underlying technology. Not only that,If bitcoin or other cryptocurrencies become a global currency, it would lower Squares barriers to entering new markets.
Jack Dorsey says:
If Bitcoin is used as a currency today, then we can publish apps in app stores all over the world, instead of being limited to only five app stores today.
Since Square has to deal with fiat currency transactions, they must process transactions according to the monetary policies of different markets, seek cooperation with different banks, and adjust business strategies according to regulators and regulatory requirements in different countries.
Jack Dorsey added:
“We’re oriented with a cryptocurrency mindset, and there’s a lot of skepticism, debate, and even controversy about cryptocurrencies. But that’s where the magic happens, and that’s where the innovation happens.”
However, so far, Square has not yet established a complete bitcoin payment solution with merchants and consumers, so they chose to temporarily change direction and integrate cryptocurrency buying and selling into its Cash application. In January, Square announced the launch of a cryptocurrency trading service within its Cash app. In total, users of the app sold about $34.1 million in bitcoin, according to first-quarter data, after Square bought about $33.9 million in bitcoin for people to transact through the Cash mobile app.
Squares mobile payments app is growing faster than PayPals Venmo, according to Nomura Instinet, and its gaining more by supporting bitcoin transactions.
