According to a Bloomberg report, CEO of Square Inc. and Twitter, Jack Dorsey, expressed sanguinity about the role of cryptocurrency in the future. Dorsey said:
“The internet deserves a native currency — it will have a native currency.”
On Wednesday, Dorsey shared the idea of cryptocurrency enthusiasts — at the Consensus conference and cited virtual currencies as the future of a legitimate way of global crypto payment. He also said, he doesn’t know whether it is going to be Bitcoin or any other cryptocurrency though he said:
“I hope it will be.” He also added:
“This technology is a fundamental shift in our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”
A developer of payment and financial services solution, Square, permitted traders to accept Bitcoin in 2014. It made the availability of Bitcoin trading for almost each and every user of its Cash App. Everyone at Square doesn’t share the same enthusiasm as Dorsey, though he said, it was quite combative to move in the company. He also added, there are still many discussions and arguments over this topic, but according to Dorsey, many of the board of directors of the company are also robust to the idea of cryptocurrencies — crypto payment system.
Square reported low profits at the beginning of May — in the first quarter for the trading of Bitcoin, which amounted to only $200,000. The trading of Bitcoin made a 5% revenue overall, which was almost $34.1 million, and $33.9 million has been spent by the company in order to purchase tokens.
The recent speech of Dorsey reiterates his previous comments that the leading cryptocurrency, Bitcoin, is going to become the single currency of the world within a decade.
“The world ultimately will have a single currency; the Internet will have a single currency. I personally believe that it will be Bitcoin.”
At this time, Bitcoin seems to be sluggish and inflated, which makes it even more hard to use as a medium of exchange. Future on Bitcoin — Dorsey also added:
“As more and more people have it, those things go away