Victor Ugochukwu · Dec 14, 2020 . 5min read
Twitter Co-founder, Jack Dorsey says Bitcoin is still the most viable internet native currency
Jack shares his thoughts in a recent interview with The Reuters wherein he said that Bitcoin is still the most viable internet native currency.
By Victor Ugochukwu · Sep 11, 2020 . 5min read
Twitter co-founder Jack Dorsey comes through once again as one of the Mainstreet tech billionaires who show support for Bitcoin. Jack shares his thoughts in a recent interview with The Reuters, where he said Bitcoin is still the most viable internet native currency.
Jack Dorsey, who doubles as the CEO of Twitter and Square in his recent Reuters interview, said the internet wants a currency and that Bitcoin is “the best manifestation” of that so far.
Likening Bitcoin to the internet which he says is built by “everyone”, and therefore anyone can alter it based on their choosing, Jack says Bitcoin is built atop the internet and thus “has the same patterns.”
Although Jack’s optimism about Bitcoin is evident, he, however, doesn’t demonstrate a blindspot to the problems of the cryptocurrency. Speaking on the issues that of mainstream adoption of Bitcoin, Jack says,
We have to build bitcoin in such a way that it is as intuitive, it’s as fast, and is as efficient as what exists today.
Evidently, Jack must be referring to the likes of Stripe, VISA and other mainstream payment processing companies. These lots can process transactions at lightning speed and are the go-to choice for merchants.
Jack’s company, Square Inc., posted Q2 reports as its Cash App subsidiary drove profits through Bitcoin sales.
It doesn’t come as a surprise that Jack Dorsey holds these views about Bitcoin as the native internet currency. Jack doubles the CEO of Square Inc and the company recently released its Q2 investors’ report. As the report states,
In the second quarter of 2020, we
achieved gross profit of $597 million, up
28% year over year. Cash App delivered
strong growth, with gross profit up 167%
year over year to $281 million
The report also compares how customers increasingly use Cash App as a way to send and spend money.
Compared to the previous month, In June, Cash App had more than 30 million monthly transacting active customers, with more than 7 million spendings on Cash Card. Jack Dorsey also as a firm believer in Bitcoin through Square has awarded grants to developers working open-source projects, majorly Bitcoin Lightning Network. In June, Square awarded one of such grants to Eye of Satoshi, that helps to monitor transactions on Lightning Network, ensuring security.
Follow Cryptodose for daily updates.