Twitter CEO Reaffirms the Future of Cryptocurrencies
The CEO of Twitter and Square Inc, Jack Dorsey communicated positivity about the role of cryptocurrency as a mode of payment in the future. He said that the internet deserved and will get its “native currency” somewhere in the future.
On Wednesday at the Consensus conference, Dorsey shared the crypto fanatic’s view on digital currency’s acceptance as a genuine method of payment in the future. He said that he wasn’t sure whether it will be Bitcoin or not, but he hopes it will be.
Dorsey further explained:
“This technology is a fundamental shift to our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”
Square, a developer of financial and payment service solutions, enabled dealers to accept BTC in 2014 and made BTC trading accessible for all clients of its Cash App in February of this year.
However, not everybody shares Dorsey’s view at Square. He said that there are still fights and debates going on about this topic and that some of the company’s board of directors are still reluctant towards the idea of cryptocurrencies.
At the start of May, Square announced low profits from trading BTC in the first quarter amounting to 200,000 USD. The company spent 33.9 billion USD to purchase the currency while the revenue generated from trading was only 5% of the overall revenue of 34.1 million USD.
The Twitter CEO said:
“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
His words reaffirm Bitcoin’s future as a “single currency” of the world.
He said that currently, Bitcoin is expensive and slow, making it difficult to use a medium of exchange. As more and more people will have its possession, these roadblocks will go away.