Jack Dorsey Expects Crypto, Blockchain to Be a ‘Secular Trend’ in Finance

Journalist:
June 14, 2019

By CCN Markets: Jack Dorsey is all in on bitcoin. The tech entrepreneur, who is at the helm of both Twitter and Square, recognizes that cryptocurrency and the blockchain will become a “secular trend” in financial services going forward, according to an interview he did with Quartz in London. He doubled-down on his belief that there will be a “global currency for the internet,” and bitcoin remains the “strongest candidate” for the job.

Dorsey likens the internet to the “equivalent of a nation state,’ saying that “it will have a currency native to itself” that will be free from the control of “any one party or institution.” Rather than a Fed-backed cryptocurrency, Dorsey is pushing a decentralized cryptocurrency without any chains on it. He seemingly sees a future where this internet currency is used by companies like Twitter and Square, saying:

“And having a global currency that is native to the internet will allow companies like ours to move much faster and reach a lot more people.”

Square Crypto just made its first new hire. | Source: Twitter

What Jack Dorsey Likes About Bitcoin

It’s no secret that Jack Dorsey is a bitcoin bull, and he reportedly doles out as much as $10,000 weekly to buy his share of the leading cryptocurrency. There are numerous reasons why he believes it’s the frontrunner as the currency of the internet, not the least of which is its “amazing” brand. He’s also a fan of its “pure” principles, a focus on the “public good” and no hidden agenda, “deflationary” characteristics, finite amount, and “resiliency” to “threats and challenges.”

According to an interview Dorsey did with TNW, he has big plans for Square Crypto, with an emphasis on “access” that only cryptocurrencies such as bitcoin can provide. He said the internet’s native currency “will enable [Square] to be more like an internet company.” Square Crypto will reportedly give employees the option to be paid in BTC or fiat money.

Dorsey has his sights set on the entire bitcoin ecosystem, with aspirations for Square Crypto’s developer team to tackle issues such as “currency efficiency” and “security.” He told TNW:

“It’s work that engineers typically don’t want to do. This actually slows down development. If we put a team of five just to do code reviews, just to verify the correctness of code coming in, that would be a huge boost to the community. It would boost the velocity of the development.”

Dorsey on Facebook

While Jack Dorsey and Mark Zuckerberg are behind two mega, global social media platforms, they each take a different tack when it comes to cryptocurrencies. Dorsey took the high road on this topic, but he did emphasize that he believes there needs to be a “stateless cryptocurrency” that’s “not bounded or constrained by any one corporate entity.” He said:

“But I would go back to, we need a currency for the internet. And the internet being an entity that isn’t controlled by any company or any one government, that is for the world and for the people of the world.”

While Square Crypto is officially up and running with its maiden hire, Dorsey has yet to reveal how he plans to make Twitter better with bitcoin. Oh, and he made one thing clear to TNW. Square Crypto won’t hire any “jerks.”

This article was edited by Gerelyn Terzo.

Last modified (UTC): June 14, 2019 12:52

Gerelyn Terzo @cryptogerelyn

Gerelyn is Assistant Editor at CCN. Based in the U.S., she has also covered institutional investing on Wall Street but caught the bitcoin bug soon after. She resides 13 miles outside of New York, close enough but also far enough away to escape it all. Follower her on Twitter (@cryptogerelyn) or email gerelyn.terzo@ccn.com.