Jack Dorsey Says Internet Wants A Currency And It's Bitcoin

Billionaire entrepreneur Jack Dorsey, who serves as the CEO for both Square Inc SQ and Twitter Inc TWTR, in an interview with Reuters on Thursday reiterated his belief that Bitcoin remains the most viable currency for the internet.

What Happened: Dorsey said that the internet "wants a currency," and Bitcoin is the “best manifestation of that thus far.”

“I can’t see that changing given all the people who want the same thing and want to build it for that potential.”

Dorsey strengthened the case for the apex cryptocurrency by likening the concepts of Internet and Bitcoin.

“The internet is something that is consensus-driven and is built by everyone, and anyone can...change the course of it. Bitcoin has the same patterns, it was built on the internet,” he told Reuters.

However, Dorsey did lay the caveat that Bitcoin needs to be more “intuitive” and be at par with existing digital payments in vogue. 

The entrepreneur laid stress on transaction times and efficiency of the cryptocurrency and called for it to be “cost-effective” and “time-effective.”

“We have to build Bitcoin in such a way it is as intuitive and fast as what exists today” Dorsey observed.

Why It Matters: Last month, Square’s second-quarter earnings of 18 cents per share beat analyst expectations. The earnings were driven by the company’s Cash App, which raked in $281 million in net profit.

The Cash App offers Bitcoin purchase, which brought in a revenue of $875 million, an increase of 600%.

In a 2018 interview with The Times, Dorsey had claimed Bitcoin had the potential to become the world’s sole currency by 2030.

Price Action: Bitcoin traded 1.3% lower at $10,226.85 at press time early Friday.

Photo courtesy: JD Lasica via Wikimedia