SQ: Dorsey all-in on bitcoin

https://finance.yahoo.com/news/jack-dorsey-bitcoin-currency-…

“The internet deserves a native currency; it will have a native currency,” Dorsey, the chief executive officer of Twitter Inc. and Square Inc., said Wednesday at Consensus, a blockchain and cryptocurrency conference in New York City. “I don’t know if it’ll be Bitcoin or not,” he said, but “I hope it will be.”

This wasn’t the first time Dorsey had spoken fondly of digital currencies. The executive tweeted in 2016 that he would “love to see a digital currency thrive.” In his role at Square, he has helped promote cryptocurrency. In 2014, the payments company started letting merchants accept Bitcoin. Since then, San Francisco-based Square has said it’s introducing Bitcoin trading for almost all users of its Cash App, which lets users send money to friends and family…

…“I’ll be frank, this was a pretty contentious move in the company,” he said. A number of people at Square were skeptical about the technology and making access to digital currencies much easier. Even today, Dorsey added, there are debates and even fights over the topic, and some of the company’s board members are resistant to cryptocurrencies.

As I’ve said previously, I think this move by SQ was brilliant, not because they will make much directly but because it will attract more people to Square Cash, a competitor to Venmo. Also, if Bitcoin does take off then SQ will have a ton of experience with it.

Chris

2 Likes

What are the transaction costs? I’ve heard that a lot of bitcoin transfers are expensive.