During the interview, Dorsey, a known supporter of Bitcoin (BTC) and the cryptocurrency space, states that the internet “wants a native currency,” adding that the apex crypto remains best-positioned to deliver that. Dorsey strengthened the case for BTC by connecting its founding principles with those of the Internet.
“The internet is something that is consensus-driven and is built by everyone, and anyone can…change the course of it. Bitcoin has the same patterns, it was built on the internet,” he told Reuters.
— Reuters (@Reuters) September 10, 2020
However, the billionaire entrepreneur, who serves also as the CEO of the mobile-payment platform Square Inc (NYSE: SQ), noted that Bitcoin needs to evolve to become as “intuitive” to use and as convenient as existing digital payments platforms.
Dorsey mentioned transaction times, cost-efficacy, and general understanding as barriers to Bitcoin’s widespread adoption.
“We have to build Bitcoin in such a way it is as intuitive and fast as what exists today,” he observed.
BTC Drives Square’s Performance
In late 2017, Square’s peer-to-peer Cash App, a competitor to PayPal’s Venmo, added the ability to buy and sell Bitcoin. The move paid off strongly as Square recorded Bitcoin revenue of $178 million between Oct. 1st and the end of fiscal year 2019. Meanwhile, year-end profit came in at $8 million on $516 million in yearly BTC revenue.
Fast forward to Square’s 2Q/2020 earnings reported last month. The earnings were once again driven by the fintech’s Cash App, which raked in $281 million in gross profits. Adjusted EPS came in at $0.18, far better than the $0.05 loss analysts had expected. Square said the app generated $875 million in revenue, a 600% increase from the previous year. In addition, Square’s bitcoin gross profit rose more than 710%.
The app had 30 million users as of June, up from 24 million at the end of last year, according to the San Francisco-based company.
In a 2018 interview with The Times, Dorsey predicted that Bitcoin had a real shot at replacing the greenback and becoming the world’s sole currency within 10 years.
BTC traded 0.24% lower at $10,334.70 in early trading Friday.