Twitter and Square Founder and CEO Jack Dorsey spoke at the Consensus 2018 conference in New York and expressed his hopes for Bitcoin to become a global payment choice saying, “The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be Bitcoin but I hope it will be.”
According to CNBC, Dorsey believes that Bitcoin or another altcoin becoming a global payment choice would help lower the barrier for the payment company to enter new markets. Dorsey adds, “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 that as the company deals with fiat currency, it had to take a different approach to the market, find a unique banking partner, and work with different regulators.
This, however, isn’t the first time the Twitter and Square CEO has been bullish on Bitcoin’s future. It was reported in March that Dorsey said he believes the cryptocurrency will become the globally accepted “single currency” of the internet within the next ten years.
Square began introducing Bitcoin buying and selling options on Square Cash in November. Square Cash is a mobile payment app developed by Square for a small number of their users. The payment company has since rolled out additional features for its users, and now they are able to buy, sell, and transfer Bitcoin through the app. Dorsey himself has committed his personal funds to Lightning Labs as the team behind it continues working on the Lightning Network—a Bitcoin scaling proposal.
Nomura Instinet states that Square Cash is growing at a faster rate compared to PayPal’s Venmo. With the roughly 28 million downloads, Analyst Dan Dolev says the number of Square Cash downloads was just one million fewer than Venmo’s.
Dolev wrote a note to clients stating, “Historically, Venmo saw more downloads versus Square, but the gap appears to have peaked in July 2017.”
Square had reportedly sold $34.1 million in Bitcoin in the first quarter of 2018. It, however, spent $33.9 million purchasing the cryptocurrency, resulting in an adjusted revenue of $200,000.