Jack Dorsey Says Bitcoin Remains Internet’s Most Valuable Currency

In an interview with Reuters on Thursday/Sept. 10, Twitter (NASDAQ:TWTR) CEO Jack Dorsey reiterated his belief that the coin remains the most viable digital asset for the internet.

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.

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.

Price Action

BTC traded 0.24% lower at $10,334.70 in early trading Friday.

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