Twitter CEO Jack Dorsey Reaffirms Bullish Future on Bitcoin, Crypto as Global Payment

Twitter and Square Inc. CEO Jack Dorsey expressed optimism about cryptocurrency's role in the future of payments, saying that "The internet deserves a native currency" and "It will have a native currency," Bloomberg reports May 16.At the Consensus conference on Wednesday, Dorsey shared crypto enthusiasts' vision that virtual currencies are the future of a legitimate means of global payment.

Square, a developer of payment and financial services solutions, allowed merchants to accept BTC in 2014 and made BTC trading available for almost all users of its Cash App in February of this year.

Not everyone at Square shares Dorsey's enthusiasm however.

According to Dorsey, some of the company's board of directors are also resistant to the idea of cryptocurrency.

In the beginning of May, Square reported low profits from BTC trading in the first quarter, which only amounted to around $200,000.

While BTC trading constituted a 5 percent overall revenue of $34.1 mln, the company spent $33.9 mln to purchase the tokens.

Dorsey's recent speech reaffirms previous comments that Bitcoin will become the world's "Single currency" within a decade.

"The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin."

Dorsey noted that, at the moment, Bitcoin is "Slow and costly," which makes it difficult to use as a medium of exchange.

He added that "As more and more people have it, those things go away."