Bitcoin, and overall the cryptocurrency market, did not perform well over the past year as the coin lost over 80 percent of its market value since December 2017. However, many Silicon Vally tech personalities are still bullish on the digital asset.
Twitter CEO and co-founder Jack Dorsey recently, in an interview with Joe Rogan, restated his views on Bitcoin and said that he believes it will be the internet’s “native currency.”
“I believe the internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created,” Dorsey told on the podcast.
The payment processor, Square, may impact bitcoin adoption more than potentially both Bakkt and an ETF.
Every merchant could have a simple means of using #bitcoin, including the Lightning Network.
“I think currency of the internet will be bitcoin”
– Jack Dorsey, CEO of Square
— Alec Ziupsnys (@AlecZiupsnys) February 3, 2019
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
This is not the first time he is praising Bitcoin as, in mid-2018, Dorsey already predicted that Bitcoin would be the internet’s “single currency.”
Along with Twitter, he is also the founder and CEO of the San Fransisco-based payments company Square, which started supporting Bitcoin as early as 2014 by allowing merchants to accept payments in the digital asset. The mobile platform also jumped into the business of Bitcoin trading in early 2018.
“The reason why we enabled the purchasing of bitcoin in the Cash App is that we wanted to learn about the technology, and put ourselves out there and take some risks,” Dorsey added.
The move turned out to be a huge success for Square as, in the third quarter of 2018, the firm reportedly generated $34.1 million in revenue only from Bitcoin trading.
Dosey, however, clarified that the Cash App has no recent plans to add more cryptocurrencies in its offering.
Explaining the role of banks in the economy of digital assets to Rogan, Dorsey said that “they all love blockchain, because of the efficiencies it can create for their business and potentially new business lines.” However, the hostility towards the industry is there as the technology is “certainly threatening to certain services behind banks and financial institutions, it’s threatening to some governments as well.”
Not Well-Received by the Audience
Along with the topic of Bitcoin and blockchain, the 1 hour 55 minutes long podcast covered many topics ranging from free speech and the formation of Twitter and Square. However, overall the interview did not get a good response as, after more than 722,000 views on YouTube, it received 46,000 dislikes compared to 7,300 likes, as of press time.
Most of the negative responses come amid Dorsey’s replies on censorship on the microblogging website.