Jack Dorsey, Twitter & Square CEO, Hopes Bitcoin is Internet's Native Currency

Bitcoin

GettyIn the last seven days Bitcoin’s price has crashed by over $900

"I don't know if it'll be Bitcoin or not", he said, but "I hope it will be".

Dorsey is no stranger to Bitcoin in his professional life.

Dorsey moved the project away from being a simple payment device and more into buying and selling.

The CEO, who also runs Twitter, said he's a "huge fan" of bitcoin and appreciates its underlying technology.

Dorsey sat down with Elizabeth Stark of Lightning Labs in NY to talk about Square's new Cash app, which allows consumers to buy and sell bitcoin.

Mr Dorsey revealed discussions at Square have centred around the future of Bitcoin as the future for all payments.

The CEO of payments company Square has said that he wants his firm to help Bitcoin become a global payment choice.

"It felt incredible. It felt electric".

Bitcoin
GettyBTC is trading at $8,379.01 at the time of writing

While Square's move is neither innovative nor new, as many crypto apps are already in place, he argues that Square is efficient and fast. "We made a decision to dedicate Mike [the engineer] to building Bitcoin within Square Cash". We wanted to have that same thing with Bitcoin [and the Cash app].

He remarked: "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".

Dorsey was also drawn to the early Internet's cypherpunk subculture, where freedom inclined programmers pursued privacy through cryptography. "Whatever it takes to get there, we're going to make sure it happens".

Dorsey said moving into the bitcoin business was a pretty "contentious" move for the company: "We have a lot of healthy skeptics within the company about us giving this access to people in such an easy way".

"What we're seeing now is people are using it as their (primary) bank account", he said. "We have to do the work to educate regulators and educate the SEC why this technology is important". He said the goal was to continue to enable people to transact freely between each other, and invited the community to "call us out" on any perceived wrongdoings or missteps that were not in the best interests of the cryptocurrency space.

Mr Dorsey added the internet "deserves a native currency" but admitted he was not certain if Bitcoin would prove to be successful in the long term.

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative.

Notably, Stark claimed that Square was one of the first companies to seek a cryptocurrency consult with the SEC, whose representatives recently stated that they do not consider Bitcoin a security. "I hope it will be bitcoin".

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