Square's Dorsey is sure of cryptocurrency's future, just not sure which one

Marco Green
May 17, 2018

He said he hoped that would be bitcoin.

Trading bitcoin, however, was not the original plan, Dorsey said at the Consensus conference. "We have evidence to show that people are using this as their primary spending device and primary banking account, and in some cases their only banking account". In March, it was reported that the Square CEO said that he believed the digital currency would become the globally accepted 'single currency' of the Internet within the next 10 years. The Cash App, made of course by Square, allows users to buy and sell the cryptocurrency.

Mr Dorsey revealed discussions at Square have centred around the future of Bitcoin as the future for all payments.

"It felt fantastic. It felt electric". 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. There are a lot of unknowns, and we just ran toward them and tried to figure them out.

"The thing that Square is really good at is speed and efficiency".

Stark cracked a joke that the Cash app was "the real Bitcoin Cash" which didn't quite land, before bringing the conversation to how and why Dorsey applied his expertise to the Square Cash app, the P2P payment application for mobile phones. "We wanted it to be as simple as a cash app today, but ultimately wanted it to be fast", he said. In an ideal world, the cryptocurrency will be automatically transferred to dollars the moment the transaction happens and the seller doesn't even need to know it was paid with bitcoin.

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.

Dorsey said moving into the bitcoin business was a pretty "contentious" move for the company: "We have a lot of healthy skeptics within the company about us giving this access to people in such an easy way". "The biggest thing I worry about as a company is there's so much amazingness in the openness of the community and I want to make sure from a corporate standpoint that nothing ever threatens that, and what can we do to help the community to help the open source nature of the work?"

The internet is going to have a native currency.

Notably, Stark claimed that Square was one of the first companies to seek a cryptocurrency consult with the SEC, whose representatives recently stated that they do not consider Bitcoin a security.

"The internet is going to have a native currency so let's not wait for it to happen, let's help it happen", Dorsey said on stage at the Consensus blockchain conference in NY. "And that's why we're working with [Lightning Labs]", said Dorsey. "I hope it will be bitcoin".

Other reports by Click Lancashire

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