Jack Dorsey was giving the keynote speech at the Consensus event this week when he yet again expressed his belief in the future of crytpocurrency. He said, “the internet deserves a native currency” and then added “and it will have one.”
Like many crypto enthusiasts, Dorsey believes that virtual currencies are a legitimate method of global payment. He admitted that he didn’t know if Bitcoin would take that role, although he expressed a hope that it would be.
He said: ““This technology is a fundamental shift to 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.”
Of course, we must also take into account the fact that Dorsey is also the founder of Square, a payment solution that allows merchants to accept BTC. So, you can see why he’s so enthusiastic. Although, not all of his fellow board directors at Square share his enthusiasm; indeed, some are quite resistant to crypto and there have been some heated boardroom debates, according to an inside source.
One of the reasons for disagreement is that Square has reported low profits from BTC trading in the first quarter of 2018. In fact, it was only around $200,000, and while BTC trading constituted 5 percent of the overall revenue of $34.1m, the company spent $33.9m to buy the tokens.
This is not the first time Dorsey has been bullish about Bitcoin in front of a large audience. Earlier this year he predicted that Bitcoin would become the world’s single currency within a decade. A decade is a relatively short space of time, and while he may not be entirely wrong, it’s hard to see the global community giving up their individual currencies in favour of BTC in a matter of a few years.