Wall Street Executive Hopes Bitcoin Will Become Internet Currency

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Jack Dorsey, a Wall Street executive and CEO of Square, hopes Bitcoin will become Internet currency, reported Coindesk on May 17.

Dorsey spoke with Elizabeth Stark of Lightning Labs at CoinDesk’s Consensus 2018 conference in New York City about what his company wants for the digital currency.

He said,

“I’m just approaching with the principle that the Internet deserves a native currency. It will have a native currency. I don’t know if it will be bitcoin. I hope it will be bitcoin. I’m a huge fan.”

Dorsey also expressed that it is still a debate whether Bitcoin will become the Internet currency or not.

“We’ve led with that mindset. But there’s still a lot of skepticism and a lot of debate and a lot of fights. But that’s where the magic happens, where creativity happens,” he mentioned.

He explained that you should be able to buy products with Bitcoin as you can buy them with the current method. “Any payment that comes across our table, the seller should be able to accept,” he noted.

Square has been working on developing a bitcoin payments solution for merchants and consumers but it is now focusing on a buying-and-selling service to be integrated into its Cash App. However, the main goal has always been the same, he mentioned.

“We want to go back to that original idea of being able to purchase a coffee with it. And that’s why we’re working with Lightning Labs,” expressed Dorsey. “Whatever it takes to get there, we’re going to make sure it happens.”

Dorsey also mentioned that Square will do anything to push mass adoption of bitcoin payments.

He said,

“There’s so much openness in the community, and I want to make sure nothing in the corporate world threatens that. We cannot risk hurting what made this possible to begin with … We can’t do any of this without the technology being strong and available for everyone.”

 

 

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