Twitter and Square Inc. Chief Executive Jack Dorsey shared his optimism regarding cryptocurrency’s part in the future of payments, stating that “the internet deserves a native currency” and “it will have a native currency.”
According to a report seen on Bloomberg, Dorsey uttered the statements during the Consensus conference. Dorsey shared crypto enthusiasts’ idea that virtual currencies are the future of an authentic means of global payment. He said that he doesn’t know if it will be indeed bitcoin (BTC), but “I hope it will be.”
“This technology is a fundamental shift to our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”
Square is a developer of payment and financial services solutions and allows merchants to accept BTC in 2014. It also made BTC trading accessible for users through its Cash App in February of this year.
Not everyone at Square however, hold the same opinion as Dorsey. The CEO said that “this was a pretty contentious move in the company,” saying that there are still debates and intense discussions over the subject matter. According to Dorsey, some of the company’s board of directors are also hesitant to the idea of cryptocurrency.
At the start of May, Square reported low profits from BTC trading during the first quarter, which only amounted to an estimated $200,000. While BTC trading constituted a 5% overall revenue of $34.1 mln, the company expended $33.9 million to purchase the tokens.
Dorsey’s speech confirms previous comments that bitcoin will become the world’s “single currency” within a decade.
He said: “The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
Dorsey emphasized that, at the moment, bitcoin is “slow and costly,” which makes it troubling an cumbersome to be utilized as a medium of exchange. He added that “as more and more people have it, those things go away.”