Speaking to a host of crypto currency enthusiasts, Jack Dorsey showed that he was fully in line with their view that digital currencies are the way forward.
“The internet deserves a native currency; it will have a native currency,” Dorsey, the chief executive officer of Twitter and Square, said Wednesday at Consensus, a blockchain and cryptocurrency conference in New York. “I don’t know if it’ll be bitcoin or not,” he said, but “I hope it will be.”
Square and Twitter CEO Jack Dorsey said he wanted his company to be at the leading edge of the introduction of crypto currencies such as Bitcoin as a global currency.
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“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 said. Since Square deals with fiat currency, Dorsey said the company has to approach each market differently, find a unique banking partner, and work with different regulators depending on the country.
“This technology is a fundamental shift to our world and can have so many positive outcomes,” Dorsey said at the Consensus conference, the biggest of about two dozen events during New York’s Blockchain Week. “We have to do the work to educate regulators and educate the SEC why this technology is important.”
In January Square started crypto currency trading via its Cash app.
This was not the first time Dorsey talked about digital currencies.
The manager tweeted in 2016 that he “would like to see a digital currency thrive”. He has helped promote the crypto currency in his role at Square. In 2014, the payment company began to have merchants accept Bitcoin. Since then, Square has announced that it is introducing Bitcoin trading for almost all users of its Cash app which allows you to send money to friends and family.
Square’s embrace of crypotcurrency is still heated debate in its boardroom.
“On our board we have people who are pretty knee-deep in the financial industry,” he said, a reference to former Goldman Sachs CFO David Viniar and former US Treasury secretary Larry Summers, “so we have healthy debates about cryptocurrency.”
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