In an interview with Australian Financial Review on Wednesday, Twitter CEO expressed his concerns over Bitcoin as currency.
September 05, 2019, | AtoZ Markets – Jack Dorsey – CEO of Twitter and Square has expressed his opinion in considering Bitcoin as currency in his interview with the Australian Financial Review on Wednesday.
In an interview, he expressed that Bitcoin might have urged emotions and motivated many small-time fiat currency traders to join the crypto market, however, according to him there is still a long way to go for the Bitcoin before the world takes notice of its potential as one of the global currency.
He has always been optimistic for the future of Bitcoin and cryptocurrencies. In fact, he has been quoted saying that Bitcoin will take over several traditional industries and shoot out the 4th industrial revolution through digitalization.
Dorsey said in an interview: “It’s not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”
Twitter CEO expresses reluctance over Bitcoin as currency
Although Dorsey’s companies have taken an interest in Bitcoin since 2014, with Square promoting Bitcoin adoption in retail, Cash App enabling users to buy Bitcoin and Square Crypto coming into existence this year. But now he is still not convinced that Bitcoin has reached its fullest potential.
In the interview, he also mentioned that Bitcoin cannot be regarded as a currency yet as it is not as accessible and utilizable as it is supposed to be.
For a long time, Dorsey has been seen adoring Bitcoin, its robust structure and its potential in becoming one true currency of the internet. His support and capital injection have proved extremely positive for the crypto community. However, he reflects that his dream of an online ecosystem is far from achieved.
With a massive Bitcoin adoption, he confirms that Square can focus more on value-added services rather than highlighting on its acceptance as a payment form.
Meanwhile, in another interview one of the media channel yesterday, Dorsey dismissed the idea of introducing Twitter cryptocurrency by saying that he believes in Bitcoin way too much to invest in a native cryptocurrency.
Following Facebook’s announcement for Libra, speculations were widespread whether Dorsey would be next in line for a supposed “Twit-coin.” However, the Dorsey put an end to the rumors by simply glorifying Bitcoin for its resilience and standing the test of time.