Jack Dorsey, Square and Twitter CEO said hat the internet needs a native currency, and that he supports Bitcoin to take that place. Mr. Dorsey and his companies are ready to be at the forefront of promoting Bitcoin and virtual currencies.
Bitcoin – Internet’s Native Currency
Jack Dorsey is ready to help Bitcoin to be promoted as the virtual currency of the internet. During the Consensus blockchain conference in New York, he said on stage:
“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.”
He has also commented that using Bitcoin or another virtual currency as a means of payment, would lower the entrance barrier for his companies to enter growing and new markets.
“If we were able to use it as currency today, we could release our apps in every app store around the world instead of the five we’re in,” Dorsey stated.
He explained that every time his companies want to enter a new market, they need to work with different bank partners, and work with different regulators depending on the country.
This is not the first time that Dorsey comments about Bitcoin in such a positive way. Back in March, he said that Bitcoin will be the world’s sole currency in the next 10 years.
“The world ultimately will have a single currency. I personally believe that it will be bitcoin;” he said. Then he added that it can happen “probably over ten years, but it could go faster.”
At the same time, in March, Mr. Dorsey contributed to a $2.5 million seed round for Lightning Labs, a start-up that is working in the development of the Lighting Network. The Lightning Network (LN) would help Bitcoin to scale and support millions of transfers without implementing a hard-fork.
At the moment of writing this article, Bitcoin is being traded around $8,300 dollars after reaching $9,800 just some days ago.