The Blockchain week in New York witnessed many notable speakers. Jack Dorsey, the CEO of Twitter Inc. and Square Inc was also one amongst the long list of speakers at the event. During the event, he spoke to a crowd of cryptocurrency enthusiasts, to show he was completely in sync with their view that digital currencies are the way of the future.
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 in the audience at Square were skeptical about the technology and making access to digital currencies much easier. Dorsey also mentioned that there are debates and even fights over the topic, and some of the company’s board members are resistant to cryptocurrencies.
Dorsey has spoken with great enthusiasm about digital currencies many times before and propagated the new technology. He also tweeted in 2016 that he would ‘love to see a digital currency thrive’. In his role at Square, he has promoted cryptocurrency many times. In 2014, the payments company started letting merchants accept Bitcoin. Since then, Bitcoin trading was available for almost all users of its Cash App, which lets users send money to friends and family.
As Dorsey was about the move not everyone at Square was as enthusiastic.
“I’ll be frank, this was a pretty contentious move in the company.”
“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.”