Is bitcoin destined to become the default currency of the Internet?
He said: "I hope it will be bitcoin".
We're going to have a native currency that can be global, that was invented on the internet, evolved on the internet, critiqued on the internet, and developed on the internet. It will have a native currency. I don't know if it will be bitcoin or not, I hope it will be. "I am a huge fan".
Dorsey admits the idea that bitcoin will someday be the basis for all payments made on the Internet remains a topic of debate at Square.
He explained: "We've led with that mindset".
"But that's where the magic happens, where creativity happens".
Using it or another cryptocurrency as a global currency would lower the barrier for Dorsey's payments company to enter new markets, he said. In 2014, the payments company started letting merchants accept Bitcoin.
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He, for one, is a believer of digital currency and thinks that it will happen, but at the same time, stresses the importance of making it happen, as opposed to waiting until it does.
According to Dorsey, relationships with their young and mobile customers have been supported by, "maintaining our personality...simple access (and)...reaching the underbanked and underserved and in a fun way that feels modern".
"It felt wonderful. It felt electric".
"Historically, Venmo saw more downloads versus Square, but the gap appears to have peaked in July 2017."Jack Dorsey has always been a fan of bitcoin, and this interest is now evident in at least one of his company's products, as Square's Cash App now allows users to buy and sell BTC.
"Our focus is 'How to do we get this to be an everyday currency?'", said Dorsey.
"We want to go back to that original idea of being able to purchase a coffee with it". He said the goal was to continue to enable people to transact freely between each other, and invited the community to "call us out" on any perceived wrongdoings or missteps that were not in the best interests of the cryptocurrency space.
Dorsey stated categorically that he felt no government or corporate body should by definition own Bitcoin or any other decentralized cryptocurrency, acknowledging that Square was a centralized company profiting from the decentralized technology. Cash had 7 million active users in December, including "unbanked" people who mainly use the app to buy from retailers like Walmart and McDonald's. "We can't do any of this without the technology being strong and available for everyone".