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Bitcoin Should Be The Currency For The Web Says Twitter Founder Dorsey

Although we always suspected that Jack Dorsey was somewhat sympathetic to the plight of the blockchain and cryptocurrency, it was a major surprise – and in the wake of Buffet, Munger and Gates – somewhat heartwarming to hear the Twitter co-founder state that Bitcoin should be “the internet’s currency” at the Consensus Conference in Manhattan this week.

Twitter cofounder Jack Dorsey has been in Manhattan this week to close the show at the fourth annual Consensus Conference, in which hundreds of speakers from the worlds of cryptocurrency and blockchain spoke before an avid audience of 8,500 who’d paid around $27 million combined for the privilege. Of course, one of the highlights of the three-day conference was always going to be the appearance of Jack Dorsey, who is a genuine rock star of the internet era thus far, but unlike the majority of his contemporary’s, is a genuinely cool, charismatic and likable guy.

Who Is Jack Dorsey?

Jack Dorsey is a 41-year-old American computer programmer and entrepreneur from St. Louis, Missouri. Dorsey is most famous for being the co-founder and CEO of Twitter, the social media and news website that has half a billion regular users, and ranks among the top five most visited websites on the planet. More recently, Dorsey has also become known as the founder and CEO of Square, a mobile payments company.

Dorsey is one of the very few tech billionaires (his personal fortune is estimated at $4 billion) who is actually a pretty cool guy. When he was young, he sometimes worked as a fashion model, and now he is older, he comes across as a kind of tech Ben Affleck, laid back, affable and highly eligible. Indeed, Forbes consistently ranks Dorsey as one of their Top 10 Most Eligible Bachelors. Dorsey dated supermodel Lily Cole for several years, and since 2013 has been linked on and off with fellow entrepreneur Kate Greer (pictured above).

What Did Jack Dorsey Say At Consensus 2018?

It’s no secret that Jack Dorsey has been a longtime fan of cryptocurrency, Bitcoin in particular. His payment company Square began accepting payments in Bitcoin way back in in 2014,  long before any other credit card or payments platform would dare to even consider such a thing (which the majority still don’t.)

Like the biggest band at Glastonbury, Dorsey’s appearance was the headline act on the final day at Consensus 2018. Before taking to the stage, Dorsey had a sit down with Elizabeth Stark of Lightning Labs to speak about how he envisioned an online future where digital currency was the only currency.

“I’m just approaching with the principle that the Internet deserves a native currency. It will have a native currency. I don’t know if it will be bitcoin. I hope it will be bitcoin. I’m a huge fan.”

“We’ve led with that mindset. But there’s still a lot of skepticism and a lot of debate and a lot of fights. But that’s where the magic happens, where creativity happens.”

Soon after, Dorsey took to the stage at Consensus and repeated much of what he had said in his chat with Elizabeth Stark:

“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be bitcoin but I hope it will be.”

Using Bitcoin as the global online currency would allow Dorsey’s payments company Square to enter multiple new markets. While Square accepts payments in Bitcoin, the bulk of its transactions involve fiat currency. Because of this, Dorsey says the company has to approach each market differently, find a unique banking partner, and work with different regulators depending on the country. As he said:

“If we were able to use it (Bitcoin) as a currency today, we could release our apps in every app store around the world instead of the five we’re in.”

Dorsey makes no secret of the fact that he is a longtime Bitcoin investor, and back in March, he famously said that people would be using Bitcoin to purchase things like coffee within 10 years, “but it could go faster.” If Jack Dorsey has his way, Bitcoin will have a another bumper year in 2018, and long before 2028, it will also be the primary – maybe only – currency used for all online transactions.

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