Why Jack Dorsey believes Bitcoin to be the future of payments

Jack Dorsey, CEO of Twitter and US payment company Square has been supporting Bitcoin for years. Dorsey’s Square Inc. was one of the first enterprises to integrate bitcoin into its platform in 2014.

Originally Square enables small businesses to accept credit cards. But since Jack became the world's famous bitcoin advocate, the company’s trading app Square Cash in 2018 started offering its users to buy or sell bitcoin on the platform.

Yesterday, October 8th, Square announced that it has purchased 4,709 Bitcoin that for the moment of writing the article has a worth of $50 million. Dorsey shared the company`s twit and added: “And FAR more important than that is us investing directly in open source development with @sqcrypto, opening access to patents with COPA (open-patent.org), and making #bitcoin more accessible and useful to millions of people with @CashApp”.

Dorsey believes Bitcoin one day becomes the world's "single currency," and aims to make it more obtainable to millions of people through Cash App.

Besides, in 2019 Jack Dorsey announced that a non-profit platform "Blue Sky" will develop an open Twitter channel to offer users to contribute and access data.

“(Blue Sky) is a completely separate non-profit from the company (Twitter),” said Dorsey.

“We’ll focus on becoming a client of it so we can build a compelling service and business where anyone can access and anyone can contribute,” he continued.

Additionally, Twitter considers adopting the fundamental principles of Bitcoin and adding the option to allow users to tip each other in cryptocurrency.

In one of his latest interviews for the Oslo Freedom Forum, Dorsey said: ”Blockchain and Bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it”.

Also, Jack Dorsey is an investor in Lightning Labs and therefore has an interest in seeing the Lightning Network succeed. Dorsey has officially approved the Lightning Network as a payment solution that allows Bitcoin users to instantly transfer money with zero fees.

We cannot doubt the love that Jack Dorsey holds for Bitcoin since long ago. He named Bitcoin “The native currency of the internet” and never stops believing the Bitcoin is the future of payment solutions and everlasting content. We know that it is only the beginning, and the future holds many interesting integrations and ideas from Jack.

You also have been thinking about how to start accepting Bitcoin as payment in your business? Read the guidance here.