The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts have supported this idea with arguments. There are also many who oppose the idea and want to regularize the cryptocurrencies.
In spite of the bear market in 2019, Twitter CEO seems quite hopeful and optimistic for Bitcoin’s future. In an interview for the podcast, Jack Dorsey says that Bitcoin is the only cryptocurrency that still meets the criteria of international adoption. He hopes that wider adoption of Bitcoin will influence the world society.
Here, it is noteworthy that Jack Dorsey has discussed about many issues in his two hour long interview. Addressing the topic of cryptocurrency Twitter CEO says that internet will have a common and native currency. He further says that Bitcoin will be that native currency because of the principles and purposes behind its creation.
The iconic personality also says that birth, development, and testing of Bitcoin have taken place on the internet. Therefore, it is the native currency of the internet. Here, it is quite interesting that Dorsey had expressed the same optimism before the bear market in 2018.
His article published in British website ‘The Sunday Time’ revealed that he was enthusiastic about the future of Bitcoin and cryptocurrency. He said that both the world and the internet would have a single currency. He expressed that Bitcoin could be the common currency within 10 years.
In mid 2018, Dorsey reiterated the same idea in a speech. Bloomberg had reviewed that speech. This is enough to say that Twitter CEO has never remained pessimistic about the future of cryptocurrencies, especially the Bitcoin.
Answering a question on his ‘Cash App’ yesterday, he says that the company has integrated Bitcoin in its cash application to test the technology. Square Cash is the first publicly traded company to introduce this service. Here, it is important to mention that Square is the company that has discussed about Bitcoin with US Securities and Exchange Commission. The discussion with SEC has made them uncomfortable. Still, they want to understand the most critical and important issues in its adoption.
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With the integration of Bitcoin, ‘Cash App’ has become the second most liked iOS app in United States. Earlier, we have heard that tech giants Samsung and Sony are also planning to launch crypto apps. The main objective behind the launch of these apps is to extend the reach of cryptocurrency. This is because the experts are associating this bear market with limited reach of cryptocurrencies.
These crypto applications will enable people around the world to purchase crypto tokens with their local currencies. Initially, these will offer support for a few major cryptocurrencies. But, we can hope that the companies will add new trading pairs with the passage of time.
Speaking about ‘Cash App’ Jack Dorsey says that it will enable us to extend the reach of Bitcoin. It will enable us to serve more people around the world quickly. Also, the people around the world are considering it an asset and treating it like some virtual gold.
Dorsey clarifies that the company has imposed some restrictions for using this application. This is because people spent all their earnings to buy Bitcoin in the past. Some of those became rich while others lost everything in their lives. Thus, ‘Cash App’ will not accept payment through credit/debit cards. The users who intend to buy Bitcoin will need money in this app.
He also stressed on the use of this latest technology by saying that it will revolutionize the world finance. The technology will continue to march and the people who will not follow it will suffer defeat.
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