Published: Thu, May 17, 2018
Markets | By Otis Pena

Jack Dorsey on Bitcoin: "It is the Currency of the Future"

Jack Dorsey on Bitcoin:

Dorsey has been notoriously bullish on bitcoin's role in the future of payments, and told the Sunday times newspaper in March he expects bitcoin to become the single global currency within the next decade.

Later, he co-founded Square, a payment processing financial service, with Jim McKelvey, a glassblower and former employer of Dorsey's.

Square has yet to build a full bitcoin payments solution for merchants and consumers, as it quickly changed direction to work on a buying-and-selling service to be integrated into its Cash App.

Trading bitcoin, however, was not the original plan, Dorsey said at the Consensus conference.

"(The community) felt electric again", said Dorsey. He enlisted the help of his engineer Mike Brock on the Tuesday of the event, with only a few days left. "Another opportunity came up (with Square cash) in 2017..." We saw it as a spending device. There are a lot of unknowns, and we just ran toward them and tried to figure them out.

Stark cracked a joke that the Cash app was "the real Bitcoin Cash" which didn't quite land, before bringing the conversation to how and why Dorsey applied his expertise to the Square Cash app, the P2P payment application for mobile phones.

"The thing that Square is really good at is speed and efficiency".

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"If we were able to use it as a currency today (...) we could release our apps in every app store around the world", he said.

Dorsey was also drawn to the early Internet's cypherpunk subculture, where freedom inclined programmers pursued privacy through cryptography. "But ultimately, we wanted to be fast", he said.

"We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology", Dorsey said. "It's going to happen. We can't do any of this without the technology being strong and available for everyone".

Dorsey - who counts himself as a fan of the hacker ethos surrounding bitcoin's rise to fame - claimed that whatever path Square takes to pushing mass adoption of bitcoin payments, it will do so without threatening the openness of the network. "And that's why we're working with [Lightning Labs]", said Dorsey.

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative. Again, the focus was on totally seamless, nearly invisible Bitcoin payments.

"The internet deserves a native currency..." It will have a native currency. He said he hoped that would be bitcoin. I hope it will be.

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