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Twitter CEO Jack Dorsey Believes That The Internet Will Have Its Own Currency

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Twitter's Chief Executive Officer, Jack Dorsey, just issued a proclamation regarding the internet's future. He believes that the internet might embrace a universal currency.

Dorsey's Thoughts

On May 16, Dorsey appeared at the 2018 Consensus blockchain and cryptocurrency conference. The Twitter co-founder and Square CEO sat down for a conversation that showcased his exact thoughts regarding digital currency. Dorsey told event moderator Elizabeth Stark that he stated that not only the internet deserved to have its currency but should have it.

Dorsey mentioned during his visit that he hoped that bitcoin would be the cryptocurrency that the internet embraces. The entrepreneur acknowledged that Dorsey's passion for bitcoin is still a polarizing topic at Square. He revealed that some Square employees and board members are resistant to accept the cryptocurrency. Dorsey also publicly acknowledged that the debates and fights on the topic.

Bitcoin Services And Losses

In January, Square decided to launch an element to is Cash app dedicated to the bitcoin. The financial services company allowed users to buy and sell bitcoins. Square also published that it earned $34.1 million from selling bitcoins during the first quarter of 2018. However, it also noted that received a $200,000 profit after purchasing $33.9 million pieces of the cryptocurrency.

Despite the weak earnings report, Dorsey still believes that cryptocurrency could play a significant role in the future. The Twitter co-founder also added that it would be up to attendees and other cryptocurrency aficionados to educate economic leaders.

"This technology is a fundamental shift to our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important," said Dorsey in a statement to Bloomberg.

Cryptocurrency In The News

Electronics company HTC announced that it would release a blockchain-powered Android smartphone called Exodus. The technology maker stated that Exodus would allow users to use multiple cryptocurrency options such as bitcoin, Dfinity, and Ethereum. HTC did not reveal the smartphone's price.

Los Angeles-based artist Andy Bauch released his latest work called New Money. Each piece of artwork contains digital wallets that have several encrypted private keys that belong to various cryptocurrencies. Bauch stated he used Bitcoin, Litecoin, and others for the project. He added that people could receive digital cash if they successfully crack the code.

Bill Gates revealed during a Reddit AMA that he did not like cryptocurrencies. The Microsoft founder believed that investing in cryptocurrencies is risky due to its anonymity. He added that it allows for people to buy lethal items such as fentanyl and other drugs that might have caused several deaths. Gates stated that the constant investment and divestment of cryptocurrencies is very dangerous.

Tech Times reached out to Square for a comment on this story.

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