Twitter and Square CEO Jack Dorsey attended the Consensus conference in New York today. He was being interviewed on stage regarding the future of cryptocurrencies and blockchain technology. The consensus conference which kick-started this week is in full frontal in the banking heartland of the American financial system.
Dorsey stressed that the internet should have its own native currency. He further the argument by saying that this should have happened a long time ago. He expressed some skepticism on the suitability of Bitcoin. However, he said he wished that Bitcoin would succeed in being the internet’s first native currency.
Dorsey said, “The Internet deserves its own cryptocurrency. I don’t know if it’s Bitcoin or not. I hope it will be. It’s going to happen. We need to make it happen.”
Dorsey interview was conducted by Elizabeth Stark of Lightening Labs. The conversation focused on Square’s new app called Cash. Cash allows consumers to buy and sell bitcoin.
Dorsey stressed the need for the decentralized nature of the crypto market. He said that in order to ensure level playing field. It is crucial that no corporation or governmental body should own the cryptocurrencies.
He accepted that the introduction of the cash app was a difficult and contentious on especially within the company. “But it is important to do things instead of waiting for things to happen to you first”, he commented later in the interview.
According to him, the two major user of the app is Walmart and McDonalds. Given the market clout of the two giants, the app is sure to make major headway in coming days. The aim of the app is to make the transaction fast and quick like the Bitcoin itself.
The implicit understanding of the crypto market is that its introduction for the basic services is designed to make them fast, efficient and smooth.