Dorsey said on Wednesday at Consensus, a Blockchain and cryptocurrency conference:
“The internet deserves a native currency; it will have a native currency. I hope it will be Bitcoin.”
Many of the Square audience were skeptical about the technology and the perspective of making the access to cryptocurrencies easier. According to him, there are debates and even fights over the topic, while some company’s board’s members are against cryptos.
Besides speaking with enthusiasm about digital currencies before the event, he also tweeted in 2016 that he would “love to see a digital currency thrive.” In his role at Square, he has promoted cryptos repeatedly. In 2014, the payments company began letting merchants accept Bitcoins. Since then, Bitcoin trading was available for almost all users of its Cash App.
He said:
I’ll be frank, this was a pretty contentious move in the company.”
Square Reported:
“In first-quarter revenue from selling Bitcoin at the beginning of this month the company made $34.1 million, but it cost the company $33.9 million to buy the tokens, meaning we only made about $200,000.”
Dorsey said at the Consensus conference, the biggest of about two dozen events during New York’s Blockchain Week:
“This technology is a fundamental shift in our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”
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