Jack Dorsey, the CEO of social networking giant Twitter, has reiterated his belief in Bitcoin. The entrepreneur stated that the leading digital asset remains best-positioned to serve as the internet’s native currency.
Dorsey has been a vocal supporter of Bitcoin for several years now. His second company, Square, has offered trading of the digital currency since late 2017. More recently, the firm launched a Bitcoin developer grant program, as well as a Lightning Development Kit, to help improve BTC infrastructure.
Jack Dorsey Still Sold on Bitcoin as Currency of the Internet
As cited by CNBC, Twitter and Square CEO Jack Dorsey told UK news publication The Times in 2018 that Bitcoin would one day become the native currency of the internet. The time frame for such global adoption, he claimed, would be around ten years or less.
Fast forward more than two years, and Dorsey’s opinion remains the same. Speaking to Reuters, the tech entrepreneur spelled out his reasoning for what would amount to a historic shift in global economic activity.
In the clip, Dorsey states that the internet “wants a native currency,” adding that Bitcoin remains best-positioned to deliver that. He reasons that the consensus-driven and community-built internet parallels the principles of BTC.
Dorsey goes on to talk about the role Square has in supporting Bitcoin. He describes the company as a toolmaker, tasked with improving the public’s general understanding and the user experience of the protocol.
In terms of barriers to Bitcoin adoption, Dorsey mentions transaction times, cost-efficacy, and general understanding. Firstly, BTC needs to maintain its industry-leading security while reducing transaction times and costs. Additionally, people need greater awareness of the potential benefits of using the digital currency.
Dorsey Continues to Push BTC Development
As well as his vocal support of Bitcoin, Jack Dorsey has been influential in helping to position the crypto asset as the internet’s native currency.
In late 2017, Square’s Cash App added the ability to buy and sell bitcoin. This allowed a greater number of individuals the experience of using decentralized digital currency.
The move has been incredibly lucrative for the company. Last month, Barron’s reported that Square recorded $17 million in gross profit from bitcoin trading in Q2 of 2020.
Dorsey is also a big supporter of broader Bitcoin development. In January 2020, Square Crypto announced the creation of the Lightning Development Kit to help streamline the process by which applications interact with the Lightning Network.
More recently, the digital currency-focused division of Square announced its Bitcoin development grant program. Early beneficiaries were the open-source payment processing platform BTCPay Server, along with an anonymous developer working on the Lightning Network.
Such funds have become increasingly popular in recent months. The Human Rights Foundation is among those directly contributing money to BTC developers, and the Bitcoin Dev List also allows direct donations to those improving various aspects of the protocol.