Dorsey: Internet Deserves Its Own Cryptocurrency

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Dorsey: Internet Deserves Its Own Cryptocurrency

Twitter Inc. (TWTR) co-founder and CEO Jack Dorsey believes in cryptocurrencies. “The internet needs its own native currency,” he said recently at the Consensus conference in New York. “It will have its own currency.” I’m not sure whether it’ll be bitcoin or not. “I hope so.” (See also: Dorsey: Bitcoin Will Become the World’s Single Currency.)

Dorsey’s other startup, Square Inc. (SQ), was among the first to incorporate bitcoin onto its network, which allows small businesses to take credit cards, in 2014. Square Cash, the company’s money transfer software, now allows consumers to purchase and sell bitcoin on its platform.

Dorsey said at the conference that his business’s decision to incorporate bitcoin in both cases was difficult and sparked great discussion inside the company. However, Square’s corporate culture is action-oriented. “We can’t simply sit around waiting for bad things to happen to us.” “We must make them happen,” he said.

Square’s passion for bitcoin is beneficial to the company’s bottom line. According to a recent Nomura Instinet report, app downloads for the Square Cash app have increased since the company revealed bitcoin inclusion on its platform. “With the Square Cash App now available for Bitcoin trading in the majority of states, comparing its growth to the popular Coinbase app is noteworthy,” noted Dan Dolev, executive director at the business. “Here, although Coinbase’s growth peaked over the Christmas season—as Bitcoin values skyrocketed—growth Coinbase’s has fallen from record levels, while Square Cash App had more balanced growth.” (See also: Square Cash App Now Accepts Bitcoin in the United States.)

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An Early Education In Bitcoin

Dorsey’s study in the technology behind bitcoin started in college in St. Louis, when he joined bulletin board services for “cypherpunks.” “I wasn’t very good at it, but I truly enjoyed it,” he said. Dorsey praised the bitcoin whitepaper’s conciseness and simplicity when it was launched in 2008, but he didn’t fully comprehend its ramifications.

His ideas, however, have altered since then. He said that Square’s goal is to make bitcoin an everyday transaction medium. The majority of users on the company’s platform are HODLers, or traders who hoard bitcoin for future price increase. “But there’s a hunger for more,” Dorsey remarked, adding that customers preferred “pure spending” chores above savings.

To that purpose, the firm has established itself as an educator for regulators and the general public. “Our responsibility is to educate people about why this technology benefits all of us and how to utilize it responsibly,” he added.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns 0.01 bitcoin as of the day this post was published.

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