Jack Dorsey, the chief executive officer of Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ), has expressed optimism about the future of Bitcoin during CoinDesk’s Consensus conference in New York.
Speaking at the event on Wednesday, Dorsey touched upon the prospect of Bitcoin becoming the “native currency” of the Internet.
"I'm just approaching with the principle that the Internet deserves a native currency. It will have a native currency,” Dorsey said, as quoted by CoinDesk. “I don't know if it will be bitcoin. I hope it will be bitcoin," he said, adding that he was a “huge fan” of the original cryptocurrency.
Dorsey admitted that there was still a lot of scepticism and debate at Square on whether Bitcoin would one day become the basis of all Internet payment. However, he sees this as a good thing.
“[T]hat's where the magic happens, where creativity happens," he said.
At the end of January, Square, which is a digital payment company based in San Francisco, enabled Bitcoin trading for most users of its mobile payment application cash The move followed two and a half months of testing, during which the option was available only to a small number of Cash users. Dorsey said at the time that the company supported Bitcoin, because “we see it as a long-term path towards greater financial access for all”.
Square’s recent quarterly financial report indicated that the Bitcoin trading operation had so far failed to make a significant impact on the company’s performance. The results showed that the company had made about $34.1 million of Bitcoin-related revenue in the first quarter of the year, representing about 5% of the company’s total Q1 revenue. Square admitted at the time that it had incurred some losses on Bitcoin, but said those were “insignificant”.