Jack Dorsey graces NYC's Blockchain Week to talk up magic internet money

Jack Dorsey, CEO of Twitter and Square, Says, “The Internet Deserves a Native Currency”

Jack Dorsey says Walmart and McDonald's are top merchants on Square's Cash App

Square launched a bitcoin trading feature for Cash - its money-transfer and payment app - this January, allowing most users to buy and sell the cryptocurrency within the app instantly.

Instead, Dorsey sees a single dominant online currency, an all-encapsulating digital coin.

Dorsey, a known Bitcoin enthusiast, said he believes the Internet will have its own "native currency".

Dorsey was speaking during what has been dubbed "Blockchain Week", a partnership with city authorities that is feting blockchain technology and altcoins and positioning NY as an attractive blockchain destination.

Dorsey pointed out that the employment of digital currency - bitcoin or otherwise - would facilitate many things, among them his company's entrance into new markets. As of yet, Square has yet to accept cryptocurrencies as a way in which consumers can pay merchants for products, who have traditionally used high-fee credit cards.

"It will have a native currency".

Jack Dorsey, CEO of Twitter and Square, Says, “The Internet Deserves a Native Currency”

A spokesman for Square told Reuters that the company does not have figures to share on Dorsey's Bitcoin and crypto-currency holdings.

Per the business executive's words, he's a "huge fan" of bitcoin, and would like to be able to see the cryptocurrency help lower Square's barriers to enter new markets. I said yes, it took about three or four months, and they made it so any seller could accept Bitcoin without knowing they were taking Bitcoin at all. Local currency issues have to be factored into the approach at the outset, even before a local banking partner, compliance with local regulatory dictates and other necessities are resolved. Since February, 2018, its Cash App made Bitcoin trading available.

Dorsey sat down with Elizabeth Stark of Lightning Labs in NY to talk about Square's new Cash app, which allows consumers to buy and sell bitcoin. Hence, the real net of the first quarter was around $200,000.

Square's mobile payment app is growing faster than PayPal's Venmo and is getting an added boost because it allows transactions in bitcoin, according to Nomura Instinet.

In the past, however, Jack Dorsey has already expressed his deep confidence in the potential for financial transformation of blockchain technology and cryptocurrencies, tools that have emerged for him as the great technological innovations of this decade with the capacity, in the case of Bitcoin (BTC), to become the native currency of the Internet.

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. The CEO predicted a 10-year timeline "but it could go faster", the United Kingdom -based paper reported.

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