Dorsey’s Vision of the Internet’s Native Currency
In a recent electrifying address at the Consensus conference, Jack Dorsey, the dual-headed titan behind Twitter and Square Inc., declared his unwavering optimism for the cryptocurrency revolution. He posited that the internet deserves and will ultimately embrace a native currency. But what is this native currency? Dorsey is uncertain if it will be Bitcoin, yet he fervently hopes it will be.
The Future of Global Payments
Dorsey marvels at the potential of virtual currencies, advocating for their position as legitimate players in global transactions. “This technology is a fundamental shift to our world and can have so many positive outcomes,” he expressed with the fervor of a visionary. His call to action? Educate regulators and the SEC about the necessity of this groundbreaking technology.
Square’s Dance with Bitcoin
Square has been a frontrunner in embracing Bitcoin, allowing merchants to accept it as early as 2014. This year marked a major leap when they opened Bitcoin trading to virtually all Cash App users. However, Dorsey revealed that not everyone in the Square family shares his enthusiasm. Tensions brew within the company’s ranks – who knew that Bitcoin could spark such a contentious debate?
Financial Intricacies: The Profit Puzzle
Square recently reported profits from Bitcoin trading that made their investors scratch their heads. With only about $200,000 profit generated from BTC trading in the first quarter, one could argue that their revenue streams resemble a game of whack-a-mole. Despite Bitcoin trading contributing to 5% of their overall revenue of $34.1 million, the $33.9 million spent to acquire the tokens raises questions about the company’s financial strategies.
The Road Ahead: Overcoming Hurdles
For Dorsey, the road to cryptocurrency dominance isn’t without potholes. He succinctly observed that currently, Bitcoin can be “slow and costly,” making it a challenge for everyday transactions. However, there’s a silver lining – he believes that as adoption grows, these barriers will diminish. Dorsey reiterated his strong belief that the world will eventually adopt a single currency, suggesting that “the Internet will have a single currency” a decade from now. His enthusiasm is infectious; will it catch on?
