Cryptocurrencies have been growing in the last years supported by many individuals, experts and figures from different industries. Now, Jack Dorsey, Twitter and Square CEO, said that ‘the internet deserves a native currency,’ and he hopes it will be Bitcoin.
Jack Dorsey Supports Bitcoin as Internet Currency
While speaking to different cryptocurrency enthusiasts at Consensus Conference, Mr. Dorsey said that the internet deserves a cryptocurrency and that he hopes it will be Bitcoin, reported Bloomberg.
“The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or not. But I hope it will be,” commented Dorsey.
Moreover, he shared with the audience his general thoughts about the crypto industry. For him, virtual currencies are the future of payments. Moreover, he explained that blockchain technology and cryptocurrencies will be game changer.
Mr. Dorsey explained:
“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.”
Dorsey is the CEO and founder of Square, a financial services provider that allows merchants to accept Bitcoin. Since February, 2018, its Cash App made Bitcoin trading available. He has also noted that Bitcoin is slow and ‘costly’ but it could change in the future.
Bitcoin developers are working in order to implement the Lightning Network (LN), the ultimate scaling solution for the Bitcoin network. It would allow bitcoin to support millions of transactions per second at almost no cost.
This is not the first time that Dorsey makes such bullish comments about cryptocurrencies in general. In the past he said that Bitcoin will be the world’s sole currency in ten years. But at the same time, he explained that it is slow and costly to transact with it.
While speaking with The Times, he said:
“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”
Additionally, Dorsey contributed to the Lighting Network development by donating $2.5 million dollars for Lightning Labs, a start-up that is working to improve and develop the Lighting Network.
It is not clear whether Bitcoin will be used in 10 years as the cryptocurrency of the internet, but the possibility remains.