September 5, 2019 – The founder of social networking site Twitter and fintech company Square Jack Dorsey said that while Bitcoin will continue to be adopted more widely, it should not yet be considered a cryptocurrency.
In an interview with the Australian Financial Review, Mr. Dorsey reveals that at the moment, Bitcoin’s peaks and troughs are like an investment asset and are equivalent to gold. “What we need to do is make it more usable and accessible as a currency, but it’s not there yet,” he said to the website.
This is parallel to Mr. Dorsey’s belief that one day, the internet will have its own “native currency.” Because of that, Square is hiring open-source engineers to work on making the current crypto ecosystem better. In this way, Mr. Dorsey said it will allow his company to be more like an internet company that launches a product the world can immediately use “..instead of having to go from market to market, to bank to bank to bank and from one regulatory body to another regulatory body.”
While Square is a company that enables money to move around, it will focus on “services that add value” once cryptocurrency becomes the currency of the internet.
In 2018, Square’s Cash App started selling crypto to users. The last quarter result revealed that Bitcoin generated $2 million in profit for the company.
Mr. Dorsey is a known believer of Bitcoin, admitting early this year that it is the only cryptocurrency he holds, even mentioning that he spends $10,000 a week to buy it. He confirmed to Twitter user that he was buying within the $3,000 price range.
Source: Australian Financial Review
This article is first published on BitPinas: Twitter and Square Co-Founder is Preparing for a Crypto Future