In a recent statement the CEO of Twitter stated that it is too early to label Bitcoin as a currency and that it will still take some still time until Bitcoin becomes truly usable by the masses.
The CEO of Twitter and Square, Jack Dorsey, stated in an interview with the Australian Financial Review on 4 September that we cannot label Bitcoin as a currency yet.
Dorsey, a favorite among the community for his positive stance toward the industry, stated that he is convinced that the most popular cryptocurrency will become adopted worldwide in the future. Dorsey however believes that at the moment, Bitcoin is ‘not functional as a currency’.
In order to be truly recognize Bitcoin as a currency, Dorsey said that it requires far greater accessibility than it has at the moment, adding that it needs to become more ‘usable.’
Further, he announced that in the case that cryptocurrencies become a significant player in the internet, Square would focus on services that ‘add value’, rather than the kind of services that allow us to transfer money worldwide. Dorsey has also revealed that he is waiting for the point of time when Square transforms into an internet company, instead of a fintech company.
Jack Dorsey’s popularity in the community stems from the decision to integrate bitcoin payments on Square’s mobile platform in November 2017. After the announcement, the market capitalization of Square increased from $15 billion to $16 billion in just five days.
In August 2019, Dorsey announced that about 3.5 million customers used Square’s Cash Card in the month of June. He further added ‘We love you, Bitcoin’, showing his continued support of the cryptocurrency.
Square’s CEO visited Australia this week for the launch of the company’s modern and portable terminal. The Square Terminal allows easier payments by providing a simple device that can accept all credit and debit card payments securely. According to the company, one of the strongest points of their device is the lack of unneeded fees and long-term contracts.