Jack Dorsey says Bitcoin should be the native currency of the internet

The CEO of Twitter and Square says the internet needs a native currency, and it should be Bitcoin.

Jack Dorsey wants the companies he founded to be at the vanguard of getting digital currencies accepted as a legitimate form of global payment.

Speaking at the Consensus blockchain conference in New York on Wednesday, Dorsey told the audience:

“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen.

“I don’t know if it will be Bitcoin but I hope it will be.”

The Twitter founder, who also runs payments company Square, describes himself as a “huge fan” of Bitcoin who also appreciates its underlying technology.

Using Bitcoin or other cryptocurrencies as a global currency would pave the way for Square to enter new markets, Dorsey said, adding:

“If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we’re in.”

Dorsey says his company must approach each market differently since Square deals with fiat currencies.

Dorsey says his company must approach each market differently since Square deals with fiat currencies.

The firm must find unique banking partners, and work with various regulators for each country.

The future of payments

In January, Square launched digital asset trading through its Cash app

In the first quarter of this year, Square said it sold a total of $34.1 million worth of Bitcoin.

To allow people to trade Bitcoin through its Cash mobile payments app, the payments processing company bought up $33.9 million of BTC.

As a result, the firm’s revenue generated from Bitcoin trading was just $200,000.

According to Nomura Instinet, Square’s mobile app is growing faster than PayPal’s Venmo for smartphone payments.

The Square app is receiving an added boost due to it allowing Bitcoin transactions, the report states.

Dorsey has been extremely bullish on Bitcoin recently.

In March, he said during an interview with the Sunday Times newspaper that Bitcoin will be the single global currency within ten years.

Dorsey personally invests in Bitcoin and predicts it will one day be used to pay for simple everyday items like coffee.

The British news outlet reported that the Twitter CEO predicted a ten-year timeline for full, mass-adoption but says it “could go faster.”