Jack Dorsey graces NYC's Blockchain Week to talk up magic internet money

Adjust Comment Print

Jack Dorsey, speaking to a crowd of cryptocurrency enthusiasts, showed he was completely in sync with their view that digital currencies are the way of the future.

He went on: "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 or not", he said. "I am a huge fan".

However, Dorsey remains insistent that the long-term goal for Square is still to make crypto payments both seamless and universal.

He explained: "We've led with that mindset". "There is still a lot of skepticism, and still a lot of debate and disagreements and fights, but that is where the magic happens". "Any payment that comes across our table, the seller should be able to accept", he remarked.

Dorsey wants bitcoin - or another digital asset like it - to be an easy payment system that anyone can use without even having to think about it.

Dorsey stated categorically that he felt no government or corporate body should by definition own Bitcoin or any other decentralized cryptocurrency, acknowledging that Square was a centralized company profiting from the decentralized technology.

Either one of them, he reasoned, should be able to walk over to the Blue Bottle across the street and buy a cup of coffee with bitcoin without the transaction looking any different than a regular dollar-denominated payment, perhaps without the cashier even knowing that bitcoin was being used.

According to Dorsey, the team had a working solution within a week.

"It felt incredible. It felt electric".

"We just felt the buying and selling interface that existed at the time wasn't simple enough, it didn't provide access to people in the way we felt we could." said Dorsey. Jack Dorsey has always been a fan of bitcoin, and this interest is now evident in at least one of his company's products, as Square's Cash App now allows users to buy and sell BTC.

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

"We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology", Dorsey said.

Dorsey is no stranger to Bitcoin in his professional life.

"We can not risk hurting what made this possible to begin with". "It's going to happen. We can't do any of this without the technology being strong and available for everyone".