Twitter Chief Executive Jack Dorsey is spending thousands of dollars per week to purchase bitcoin, betting the digital currency's value will rise again.
The Independent, citing comments Dorsey during a 30-minute interview on a Tales from the Crypto podcast, reported that in recent weeks, he had maxed out the $10,000 spending limit on his payment company Square's Cash App buying bitcoin.
Dorsey predicted that bitcoin or a competing digital token will morph into the internet's currency with global reach. The executive has long been an advocate of bitcoin and cryptocurrency, but this is the first time he has disclosed information about his personal holdings. During the podcast, Dorsey explained that he is fascinated with bitcoin and its potential to disrupt the payments industry and the financial markets on a broader basis.
This isn’t the first time Dorsey has predicted the eventual advent of an internet currency. During a podcast earlier in February with Joe Rogan, Dorsey said he's leaning toward bitcoin as the native internet currency. He argued that bitcoin has already withstood trials and tribulations and applauded the principles behind its creation. “It was something that was born on the internet, was developed on the internet, was tested on the internet [and] it is of the internet,” Dorsey said at the time.
In June, Dorsey's payment company Square received a license that will enable New York State residents to quickly and easily buy and sell bitcoin via its Cash App. Square said at the time that it and the New York State Department of Financial Services, which issued the license, share a vision to provide people with more access to the financial system.