Square’s Dorsey Renews Prediction Of Internet-Native Currency

Twitter and Square founder Jack Dorsey expects there to be an internet currency, although he’s not sure if it will be bitcoin or another digital token.

Speaking during a podcast with Joe Rogan which was covered by Forbes, Dorsey said that while it’s not clear which digital token will emerge as the Internet-native currency, he is leaning toward it being bitcoin. “I think it will be [bitcoin] given all the tests it has been through and the principles behind it, how it was created,” Dorsey told Rogan.  “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 has long been a supporter of bitcoin dating back to 2014 when it started letting merchants accept it as a payment method.

During the podcast, Dorsey also expressed his support for bitcoin, which has been the leading and largest digital token based on market capitalization. It has also been volatile, with the price plummeting in 2018. Dorsey predicted there will ultimately be a single currency for the Internet and that he thinks it will be bitcoin. The executive predicted it could take a decade to happen but could be quicker. He noted that there are no plans to add other cryptocurrencies to its Cash App, which supports bitcoin. In June Square received a license to enable people living in New York state to buy and sell bitcoin through its Cash App.

This isn’t the first time Dorsey has predicted there will be an Internet-native currency and that it very well might be bitcoin. Back in May during a conference covered by CoinDesk, Dorsey said the Internet needs a native currency and that he is rooting for bitcoin. He acknowledged then that there is an ongoing debate within the company on whether or not bitcoin will be the backbone for an Internet-native currency.