Twitter CEO Sees Bitcoin as Internet Currency

Twitter co-founder and CEO Jack Dorsey said the Internet "needs a native currency" and hopes that it will be Bitcoin.

by Kyzmoff
18 May • 2 min
In Markets
Twitter co-founder and CEO Jack Dorsey is a firm believer in cryptocurrencies and it looks like he has been keeping himself busy trying to bring digital money to the masses. Dorsey, who also runs mobile payments processor Square, said on stage at this year's Consensus blockchain conference: "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.

Dorsey's Square was one of the pioneers in mainstream financial services to accept Bitcoin (BTC) back in 2014 and in January this year the venture launched cryptocurrency trading through its Cash app. News is on the street that Dorsey is personally involved in a hackathon, a marathon of coding, for adding a micropayments feature that would allow for purchases as small as a cup of coffee to be processed with Bitcoin. A move that might be causing some friction in the financial service enterprise.
“We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology,” Dorsey said on Wednesday at Consensus, held in New York. “There is still a lot of skepticism, and still a lot of debate and disagreements and fights, but that is where the magic happens.”
Apparently, not everyone within Square is on the same page with Dorsey, including some members of the board. Square raked in USD 200 000 in profit from trading BTC in the first quarter of 2018. The cost for buying BTC to run the payment service was USD 33.9 million for the period generating a revenue of USD 34.1 million. 

Despite the concerns of some board members, Square saw its shares rising over 3.5% to close at USD 56 on Wednesday on the news of the hackathon. The stock was launched in October 2015 at USD 9 per unit. Analysts are positive on the impact Bitcoin is going to have on Square, citing that the company's mobile app is gaining friction over the competition due to earlier adoption.

Similarly to Steve Jobs with Apple and Pixar, Dorsey was initially replaced as CEO of Twitter in 2008, which allowed him to focus on developing the mobile payment and financial services of Square. Founded in 2010, Square applied for listing on the NYSE in 2015. By that time Twitter was already struggling with user growth, leading to the reappointment of Dorsey as CEO of the social media company.