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Jack Dorsey Defends Bitcoin as the Currency of the Future

Jack Dorsey, the CEO of Twitter and a payment platform called Square, reaffirmed his optimistic stance about Bitcoin. Dorsey gave an interview to Elisabeth Stark from Lightning Labs during the Consensus 2018 conference held in New York.

During the events, various speakers expressed their opinion and forecasts regarding the use of the cryptocurrencies such as Bitcoin in the future. One of the speakers was Jack Dorsey and he said internet needed a native currency to simplify any transactions or payment in the network.

Even though he expressed his wish that this native currency was Bitcoin, he also admitted he didn’t known if some other cryptocurrency would occupy its place in the future. Dorsey said: “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. 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.”

During the interview, Dorsey’s great help and enthusiasm about the cryptocurrencies was commented and the CEO of Twitter responded by telling an anecdote about his reading of the Bitcoin’s white paper. He said: “When the Bitcoin’s white paper came out, I admit I did not understand much. I really appreciated the philosophy, the way Satoshi Nakamoto was presented using an alias, but I really did not understand the implications of all that.” He also said he was a huge fan of Bitcoin and pointed out his appreciation for its underlying blockchain technology.

At the moment, Jack Dorsey is helping the adoption of Bitcoin through his payment company called Square. Square uses a platform called CashApp and it allows the clients to use Bitcoin as a method of payment between themselves. Besides the benefits that CashApp brings to the crypto community, CashApp already brought earnings to Dorsey. The payment processing company said it managed to sell 34.1 million dollars in bitcoins in the first quarter of this year. The company spent 33.9 million dollars to buy bitcoins and allow the clients to trade it through its CashApp mobile payments app. As a result of this, adjusted revenue from Bitcoin was around 200,000 US dollars.

One of the topics during the Consensus 2018 event was the return to the original idea of being able to buy coffee with Bitcoin, i.e. foment its everyday use for purchases and payments of all types. Dorsey said: “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 also pointed out the necessity for the crypto community to maintain its open minded nature when it comes to the blockchain technology and to keep allowing people to realize transactions without asking for approval.

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