CEO of social media giant Twitter and payment platform Square Jack Dorsey is positive about the role of cryptocurrencies further down the road, claiming that “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.“
Speaking at the Consensus blockchain conference, Mr. Dorsey, who has predicted that bitcoin will dominate the future digital currency market back in March, shared the vision of many crypto aficionados that cryptocurrencies will evolve from the volatile and unregulated state into a legitimate way of payment worldwide.
Using bitcoin or another virtual currency would lower entry barriers for companies like Square and as he put it, “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.“ Dealing with traditional currencies needs a different approach, as entering any fiat currency market requires finding a banking partner as well as trying to please regulators from every country, who usually have different demands.
Square has started offering crypto trading for its users this January. The results for the first quarter were publicized at the beginning of May and they were quite disappointing. Bitcoin trading amounted to 5% or $34.1m of overall revenue, which is actually quite significant, especially for a newly introduced product.
However, the company spent $33.9m to acquire the digital currency, which brings the total profits to only $200,000. Nonetheless, mobile payment app by Square is still growing faster than its main competitor VenMo (developed by PayPal by the way) mostly because it allows users to make transactions in bitcoin.
Mr. Dorsey has been an outspoken proponent of cryptocurrencies for quite a while, even claiming that bitcoin will be the world’s single currency within the next decade. While this prediction might sound a bit too optimistic even for the biggest crypto bulls, Dorsey maintains a positive outlook for the future of crypto and blockchain in particular.
“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.”
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