appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

CNBC

By Kate Rooney
Square CEO Jack Dorsey wants his company to be at the forefront of getting cryptocurrency accepted as legitimate means of global payment.
“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 New York. “I don’t know if it will be bitcoin but I hope it will be.”
The CEO, who also runs Twitter , said he’s a “huge fan” of bitcoin and appreciates its underlying technology.
Twitter accidentally suspends the account of its own CEO Jack Dorsey
Using it or another cryptocurrency as a global currency would lower the barrier for Dorsey’s payments company to enter new markets, he said.
“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 said. Since Square deals with fiat currency, Dorsey said the company has to approach each market differently, find a unique banking partner, and work with different regulators depending on the country.
Bitcoin ads disappear from social media in China after central bank bans cryptocurrency fundraising
Square launched cryptocurrency trading through its Cash app in January.
The payments processing company said it sold a total of US$34.1 million in bitcoin in the first quarter. Square spent US$33.9 million to buy bitcoin to allow people to trade it through its Cash mobile payments app. As a result, adjusted revenue from bitcoin was just US$200,000.
Square’s mobile payment app is growing faster than PayPal’s Venmo and is getting an added boost because it allows transactions in bitcoin, according to Nomura Instinet.
Dorsey has been notoriously bullish on bitcoin’s role in the future of payments, and told the Sunday times newspaper in March he expects bitcoin to become the single global currency within the next decade.
Dorsey is a personal investor in bitcoin and said he expects the digital currency to be used for simple things like coffee. The CEO predicted a 10-year timeline “but it could go faster,” the U.K.-based paper reported.
Others, including Stanley Druckenmiller, have been sceptical about a practical use for bitcoin. He told CNBC in December that he doesn’t hold bitcoin and it won’t work as currency “because you can’t do transactions, particularly retail transactions, with this kind of volatility.”
Bitcoin has fallen roughly 40 per cent this year, and was trading near US$8,260.
Read the original article at CNBC


New York mayor Zohran Mamdani speaks Chinese on social media, earns praise

The US’ future policymakers are questioning the standard ‘China threat’ playbook

Musk’s X launches invite-only ‘X Money’ payment service

EU fines AliExpress US$630 million over illegal products

X (formerly Twitter)

The internet ‘needs a native currency’ and Twitter’s Jack Dorsey wants to help it be bitcoin

Jack Dorsey, CEO and co-founder of Twitter and founder and CEO of Square, speaks at the Consensus 2018 blockchain technology conference in New York City, New York. Photo: Mike Segar/Reuters

Jack Dorsey hasn't fixed the trouble with Twitter

Twitter has stopped growing at about 310 million monthly active users. Photo: Alamy

shutterstock_338575316.jpg QUITO, ECUADOR - AUGUST 3, 2015: White smartphone closeup lying next to silver pen on laptop keyboard with Twitter website screen visible. Photo / SHUTTERSTOCK [18JULY2016 FEATURES DIGITAL]

Jack Dorsey, co-founder and chief executive officer of Twitter Inc., walks the grounds during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Wednesday, July 6, 2016. Billionaires, chief executive officers, and leaders from the technology, media, and finance industries gather this week at the Idaho mountain resort conference hosted by investment banking firm Allen & Co. Photographer: David Paul Morris/Bloomberg

G1NR3H Duesseldorf, Germany. 17th May, 2016. ILLUSTRATION - The new logo of Instagram seen on an Apple iPhone 6 in Duesseldorf, Germany, 17 May 2016. Photo: ROLF VENNENBERND/dpa/Alamy Live News Photo / Alamy [18JULY2016 FEATURES DIGITAL]

Tech

Tech leaders and founders

Twitter and Square CEO Jack Dorsey wants his company to be at the forefront of getting cryptocurrencies like bitcoin adopted as global means of payment


Bitcoin

The internet ‘needs a native currency’ and Twitter’s Jack Dorsey wants to help it be bitcoin

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Twitter and Square CEO Jack Dorsey wants his company to be at the forefront of getting cryptocurrencies like bitcoin adopted as global means of payment

Twitter and Square CEO Jack Dorsey wants his company to be at the forefront of getting cryptocurrencies like bitcoin adopted as global means of payment