What’s Going On?
Square CEO Jack Dorsey repeated his support for cryptocurrencies this week, but noted not everyone at the payment processing company shared his opinions.
Why Does It Matter?
Dorsey was speaking at New York’s Consensus 2018, a three-day bitcoin conference which attracted over 8,400 attendees, reported Barron’s.
In January, San Francisco-based Square began allowing users of its consumer payment service Cash App to buy and sell bitcoin. The company made $34.1 million in revenue in the first quarter, but carried bitcoin costs of $33.9 million, according to a shareholder letter.
What Does Jack Say?
Dorsey – who is also the CEO of Twitter – is a big crypto fan and believes the internet will have its own “native currency”, which he hopes will be Bitcoin, reported Reuters.
Trading crypto was not the original plan, Dorsey told the conference, but he now wants a cryptocurrency to be part of the company’s payment processing options.
“We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology,” Dorsey said. “There is still a lot of skepticism, and still a lot of debate and disagreements and fights, but that is where the magic happens.
Dorsey said established companies like Square can focus on the pursuit of answers, instead of just accepting that they don’t have them at that time, reported Barron’s. “We are going to have a learning mindset, make sure we talk to as many people as possible to figure out the best answers.”