Square's Bitcoin move causes internal disagreement

Square's Bitcoin move causes internal disagreement

Square's Bitcoin move causes internal disagreement

"I don't know if it will be Bitcoin or not".

Dorsey said that his first boss couldn't sell a piece of glass art because he had no way to accept a credit card. "We have evidence to show that people are using this as their primary spending device and primary banking account, and in some cases their only banking account".

He said: "I hope it will be bitcoin". 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.

The volatility of bitcoin and other digital currencies have, however, made them attractive speculative assets.

"It felt awesome. It felt electric". The core demographic for Cash App: unbanked and underbanked consumers. There are a lot of unknowns, and we just ran toward them and tried to figure them out. He "appreciated" Bitcoin but didn't really understand it..."until about 3 or 4 years into Square", when several of the company's Bitcoin-enthused engineers worked to make it so any customer could pay with Bitcoin and the seller, "wouldn't have to think about it". We wanted to have that same thing with Bitcoin [and the Cash app].

"If we were able to use it as currency today, we could release our apps in every app store around the world instead of the five we're in", Dorsey said.

Dorsey was also drawn to the early Internet's cypherpunk subculture, where freedom inclined programmers pursued privacy through cryptography.

Square's Bitcoin move causes internal disagreement

Initially, using bitcoin in the Cash app, "was a pretty contentious move", Dorsey said. "Whatever it takes to get there, we're going to make sure it happens".

"We believe fundamentally in a global currency, in a native currency for the internet", he emphasized.

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative. Dorsey was "drawn to cryptography", he said, but "wasn't good at it".

Dorsey stated categorically that he felt no government or corporate body should by definition own Bitcoin or any other decentralized cryptocurrency, acknowledging that Square was a centralized company profiting from the decentralized technology.

Despite the volatile price movement of cryptocurrencies and unclear regulatory prospects, people's passion over the technology has only surged higher.

"The internet is going to have a native currency so let's not wait for it to happen, let's help it happen", Dorsey said on stage at the Consensus blockchain conference in NY. "I hope it will be bitcoin".

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