Author: Gan Jia Ci
Chief Executive Officer of Twitter and Square Jack Dorsey spoke at Consensus, a 2018 blockchain conference in New York City, on Wednesday.
He reaffirms hopeful visions about the future outlook of cryptocurrency. “The internet deserves a native currency; it will have a native currency,” Dorsey claimed. He added that he does not “know if it’ll be Bitcoin”, but he hopes “it will be” as he is a huge fan.
Dorsey is a longtime cryptocurrency advocate. Earlier this year, Square launched the Square Cash App that accepts Bitcoin payments and allows trading among users. Based in San Francisco, Square is a financial services corporation that supports mobile payment solutions. After the launch, Dorsey tweeted,
“We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.”
However, there are still many crypto-skeptics at Square. “I’ll be frank, this was a pretty contentious move in the company,” Dorsey explained. Even now, there are still many heated discussions and many shareholders remain vociferous and critical towards cryptocurrency.
In May, Square reportedly made low profits from the new Bitcoin trading feature in its Cash App. Profits were reported to be approximately $200,000. The new trading feature brought in only 5% of the overall revenue which amounts to $34.1 million, with a hefty cost of $33.9 million.
Nevertheless, Dorsey remains optimistic about cryptocurrency. He claimed that it “is a fundamental shift to our world and can have so many positive outcomes” and they “have to do the work to educate regulators and educate the SEC why this technology is important.”
Square initially planned on forging a Bitcoin payment solution for merchants and consumers but postponed the idea due to a change in direction to build on the new trading feature. However, Dorsey claimed that their objective has never changed. He spoke to Coindesk,
“We want to go back to that original idea of being able to purchase a coffee with it. And that’s why we’re working with [Lightning Labs]. Whatever it takes to get there, we’re going to make sure it happens.”