Jack Dorsey, Twitter founder and CEO of Square, a payment processor, talked about how he hopes that bitcoin can be the default currency for internet, and about the benefits that it would have for vendors worldwide. This statement was a part of his speech at the Coindesk Consensus Convention held in NYC, according to information provided by CNBC.
Jack Dorsey is a computer programmer, founder of Twitter, the popular microblogging social platform, that offers users the possibility of informing people with text, photo, and video via micro posts; and CEO of Square, a payment processor company that also offers POS (Point of Sale) hardware and secure software solutions for vendors.
In his presentation at Consensus 2018, he revealed himself as a bitcoin fan and talked about bitcoin’s adoption as the defacto internet currency. He declared:
“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.”
Jack Dorsey arguments that bitcoin adoption would be convenient for the payment processing industry, and specifically for its company. About this, he stated:
“IF WE WERE ABLE TO USE IT A CURRENCY TODAY, WE COULD RELEASE OUR APPS IN EVERY APP STORE AROUND THE WORLD INSTEAD OF THE FIVE WE’RE IN,”
He was referring to the rapid expansion that Square would have if it only had to deal with a single cryptocurrency. Actually, like almost all payment processors, Square processes its payments with fiduciary money. This implies that for each country where Square wants to expand its services, they have to deal with a new set of laws, adapting its operations to a different regulatory framework. Adopting cryptocurrencies would remove that barrier, facilitating the expansion into new markets.
Jack has invested personally in bitcoin and is notably positive about it. Last March he also said that personally, he believed that bitcoin could be the world single currency, but he also acknowledged that it lacked the flexibility to be an effective substitute for normal currencies at that moment.