Quick Look:
- Twitter CEO, Jack Dorsey, endorses Bitcoin (BTC) as the “native internet currency.”
- However, for Bitcoin to gain mainstream adoption, it has to be intuitive and easier to use, he said.
- The Twitter mogul further stated Square and Cash App would develop more onboarding tools for Bitcoin.
In a chat with Reuters, Jack Dorsey, Twitter, and Square CEO, further showed his commitment and belief in Bitcoin (BTC), naming it as the strongest contender to become the “native currency of the internet.” The growth of Bitcoin over the past decade is offering a sense of value for investors – a factor that Jack believes will help BTC manifest further.
“I think the internet wants a currency […] a native currency, and I think Bitcoin is probably the best manifestation of that thus far. I don’t see that changing given all the people that want the same thing and want to build it to that potential.”
Jack further compared Bitcoin’s rapid rise and influence on the internet as a “decentralized and cooperative” system that offers everyone a chance to build on it:
“The internet is consensus-driven and is built by everyone, and um, everyone can change the course of it… [um] Bitcoin has the same patterns. It was built on the internet, and anyone can be active [develop] on it.”
Bitcoin still has some way to go
However, Dorsey stated the current challenges on the Bitcoin network as the most significant barrier to global adoption. First, Bitcoin’s transaction times and the blockchain’s efficiency could be better, he stated.
The second problem that Bitcoin developers should solve is “making the crypto intuitive to people.” Throughout Bitcoin’s lifespan, the access and use of Bitcoin have been hindered by complex platforms for users to buy and spend crypto, a factor Jack’s Square Crypto and Cash App are trying to solve.
“People should understand why they might use it, understand what it is, and lastly, they can access it similar to handling paper cash,” Dorsey said. “And if you add other [payment options] such as [bank] cards and contact lists, you see the power and it being even faster and more convenient.”
Expounding on his efforts on the development of Bitcoin, Jack aims at better access protocols and payment methods to enhance the use of Bitcoin. He stated,
“We have to build Bitcoin in such a way that it is as intuitive and as fast and as efficient as what [payment methods] exist today.”
Square, launched in 2010, switched its Cash App business operations to offer BTC services, recently announcing it will consider adding Bitcoin-backed short term loans on the platform. Speaking on the future plans on Cash App development on Bitcoin products, the social media mogul stated,
“And our job as a toolmaker is to make it easy for people to access, um, make it easy for people to understand and most importantly to utilize. [And] in that we learn how to make it more accessible to people and learn where it’s useful and not useful.”
