Jack Dorsey, CEO of Twitter and Square, Opens Up About the Cash App and a Potential, Native Currency for the Internet
“The internet deserves a native currency… I don’t know if it’s #bitcoin or not. I hope it will be,” said Jack Dorsey, CEO of Twitter and Square at Consensus on Wednesday. He strongly believes that “it’s going to happen, and we need to learn how to help make that happen.”
Dorsey had an open discussion with Elizabeth Stark of Lightning Labs at Consensus, which took place in New York City. He spoke heavily about Square’s new Cash App, which has been created with the intentions of allowing its users to buy and sell bitcoin.
He, for one, is a believer of digital currency and thinks that it will happen, but at the same time, stresses the importance of making it happen, as opposed to waiting until it does.
While Square’s move is neither innovative nor new, as many crypto apps are already in place, he argues that Square is efficient and fast. He also went on to say that
“email wasn’t the right way to do it, so we made an app… we saw it as a spending device; we issued a branded credit card.”
A particular interest that Dorsey expressed when sitting down with Stark is that Cash App will focus on answering “How do we get this to be an everyday currency”.
He stated that “the number one and two businesses used on the Cash app are Walmart and McDonalds.” This clearly shows the steps Square has been taking in resolving mounted concerns associated with crypto, the first being its real-life implementations.
In addition to Square’s Cash app, Dorsey believes that educating people is also a responsibility, as not many individuals are aware of the impact cryptocurrencies and blockchain technology has had recently and will do so in the near future. He said, “I also think our role is to help educate, which includes this children’s books.”
The first is: “My First Bitcoin and the Legend of Satoshi Nakamoto,” which he still hopes the company will publish for bookstores.