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

17 May 2018

Mr Dorsey added the internet "deserves a native currency" but admitted he was not certain if Bitcoin would prove to be successful in the long term.

Is bitcoin destined to become the default currency of the Internet? It will have a native currency. "I don't know if it'll be Bitcoin or not", he said, but "I hope it will be". "I'm a huge fan".

However, Dorsey remains insistent that the long-term goal for Square is still to make crypto payments both seamless and universal. But there's still a lot of skepticism and a lot of debate and a lot of fights. "But that's where the magic happens, where creativity happens", he explained.

"Any payment that comes across the counter a seller should be able to accept".

Initially, using bitcoin in the Cash app, "was a pretty contentious move", Dorsey said.

The CEO declared if cryptocurrencies were used as a global currency it would allow Square to enter new markets around the world more easily.

Either one of them, he reasoned, should be able to walk over to the Blue Bottle across the street and buy a cup of coffee with bitcoin without the transaction looking any different than a regular dollar-denominated payment, perhaps without the cashier even knowing that bitcoin was being used.

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative.

"It felt fantastic. It felt electric". "It felt electric", he said.

Dorsey sat down with Elizabeth Stark of Lightning Labs in NY to talk about Square's new Cash app, which allows consumers to buy and sell bitcoin.

Dorsey said he is encouraged by users' growing loyalty to the app, as evidenced by their spending habits.

"It's going to happen - and so, as a company and also as individuals we need to learn how to help make that happen". "We have to do the work to educate regulators and educate the SEC why this technology is important". The reason? Square users were mostly small business selling "candles and bikes" - in Dorsey's words - and customers simply weren't ready to buy those things with bitcoin.

"We can not risk hurting what made this possible to begin with. We can't do any of this without the technology being strong and available for everyone".

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