Bitcoin News

Jack Dorsey strongly believes Bitcoin is the currency of the future

Jack Dorsey, the Twitter CEO was speaking to a crowd of crypto enthusiasts during the ongoing consensus conference when he said he strongly believes Bitcoin is the currency of the future.

Dorsey, the CEO of Square Inc. and Twitter was addressing crypto enthusiasts on Wednesday at the Consensus meeting and he says:

“The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or not, but I hope it will be.”

The consensus conference is hosted by Coindesk and it’s currently ongoing in New York City. It focuses on blockchain and cryptocurrencies.

This is not the first time Dorsey has spoken fondly of Bitcoin and other cryptocurrencies. Back in 2016, he tweeted that he would love to see cryptocurrencies thrive.

At Square, Dorsey has helped promote cryptocurrencies. In 2014 the company started allowing merchants to accept Bitcoin. Fast forward to today and the San Francisco based company is set to launch Bitcoin trading on its Cash App. The app allows users to send money to family and friends.

However, Dorsey says not everyone at Square was so enthusiastic about the move. He adds the decision was heatedly debated among key members of the company.

“A number of people were skeptical about the technology and making access to digital currencies much easier.”

He adds that even today there is debate and even fights on the topic and some of Square’s board members are still opposed to virtual currencies.

Earlier this month the company reported that it had made $34.1 million in the first quarter of 2018 selling Bitcoin. However, the report also indicates the company spent $33.9 million buying the tokens which means the company made a profit of only $200,000.

Dorsey ended his speech by saying he strongly believes Bitcoin is the currency of the future and work has to be done to educate regulators and the SEC on why this new technology is important.

Do you agree with Jack Dorsey that Bitcoin is the currency of the future? Let us know in the comment section below.

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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