Twitter and Square Chief Executive Officer Jack Dorsey has supported bitcoin to be the internet’s own currency of the future. Dorsey said that he has hopes that bitcoin will continue to establish itself as the primary method of payments. Digital currencies have been developing in the most recent years backed by numerous people, specialists and figures from various enterprises. Presently, Jack Dorsey, Twitter and Square CEO, said that ‘the internet deserves its own currency and he trusts it will be Bitcoin.
Dorsey said on stage at the Consensus blockchain conference in New York Wednesday:
“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be bitcoin but I hope it will be”
As mentioned on CNBC, on the Wednesday discussion, when asked about a cryptocurrency to take over the payment system in web, he said, “I hope it will be bitcoin. I’m a huge fan. As per him Square, the payment processing company, can turn into a vanguard digital currency that is legitimately permitted as one of the methods among worldwide installments framework. He expressed that If cryptographic money were all around utilized, it would make it simple for Square to enter new markets.
“If we were able to use it (Bitcoin) as a currency today, we could release our apps in every app store around the world instead of the five we’re in”
Square launched cryptocurrency trading through its Cash app in January. Company said it sold a sum of $34.1 million in bitcoin in the primary quarter. Square spent $33.9 million to purchase bitcoin to enable individuals to exchange it through its Cash mobile application. Subsequently, balanced revenue generated from bitcoin was simply $200,000.
He further said
“We have led with that mindset. But there’s still a lot of skepticism and a lot of debate and a lot of fights. But that’s where the magic happens, where creativity happens.”
Dorsey has also invested in bitcoin who anticipates that the digital currency will be connected in exchanging simple things like coffee. Moreover, he explained that blockchain technology and cryptocurrencies will be game changers. This year, bitcoin has fallen by almost 40 percent and was trading near $8,260 on this Wednesday.
