Jack Dorsey Talks Bitcoin and Blockchain


"I don't know if it'll be Bitcoin or not".

Dorsey said the main thing that changed for him was that community participation in Bitcoin increased. "And it felt like something we needed to explore a lot more", he said.

Dorsey said wider acceptance of bitcoin could help Square expand globally.

Dorsey sat down with Elizabeth Stark of Lightning Labs in NY to talk about Square's new Cash app, which allows consumers to buy and sell bitcoin.

He, for one, is a believer of digital currency and thinks that it will happen, but at the same time, stresses the importance of making it happen, as opposed to waiting until it does.

"It felt unbelievable. It felt electric".

"We can not risk hurting what made this possible to begin with".

While Square's move is neither innovative nor new, as many crypto apps are already in place, he argues that Square is efficient and fast.

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Stark cracked a joke that the Cash app was "the real Bitcoin Cash" which didn't quite land, before bringing the conversation to how and why Dorsey applied his expertise to the Square Cash app, the P2P payment application for mobile phones. In an ideal world, the cryptocurrency will be automatically transferred to dollars the moment the transaction happens and the seller doesn't even need to know it was paid with bitcoin.

Dorsey was also drawn to the early Internet's cypherpunk subculture, where freedom inclined programmers pursued privacy through cryptography.

"What we're seeing now is people are using it as their bank account", he said.

Since Square deals with fiat currency, Dorsey said the company has to approach each market differently, find a unique banking partner, and work with different regulators depending on the country.

But as a fan of the technology and its philosophy himself, Dorsey believes deeply in its future: "The Internet deserves its native currency. We can't just wait for things to happen to us, we have to help make them happen". "And that's why we're working with [Lightning Labs]", said Dorsey.

At a hackathon that January I asked one of our engineers if we could work on Bitcoin, and the next day we committed to a goal to build a system where using my Cash card I could go across the street to Twitter HQ and buy a cappucino with a Bitcoin.

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative.

A spokesman for Square told Reuters that the company does not have figures to share on Dorsey's bitcoin and cryptocurrency holdings. "I hope it will be bitcoin".