Speaking at Consensus this week, Jack Dorsey, CEO of Twitter, says the Internet will have a native currency in the future and he hopes it will be Bitcoin.
He believes it will make it easier for companies, like his payment platform Square, to enter the market. He made similar claims back in March and is not alone in his predictions, with many top names in the crypto market foreseeing cryptocurrencies becoming legitimate payment methods in the near future.
He went on to explain how dealing with fiat currency comes with certain restrictions. To be able to launch apps worldwide requires partnering with traditional banks and satisfying the varying demands of regulators in every country.
Square has recently introduced crypto trading and has struggled to produce satisfying results, with Bitcoin trading amounting to only 5% of total revenue. With an initial investment of $33.9m to acquire Bitcoin, Square was hoping to make more significant gains. This follows the introduction of a Bitcoin payment method back in 2014 that failed to gain interest and was subsequently withdrawn.
However, the introduction of Bitcoin trading has helped Square stay ahead of main competitor, the Paypal owned payment method Venmo.
Dorsey has previously mentioned his strong optimism for Bitcoin, saying it will be the world’s single currency within a decade. He wants to see more focus on education regulators and the SEC on the important of blockchain technology.
“Let’s not wait for it to happen, let’s help it happen,” Dorsey said.
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