In an interview with Joe Rogan, Twitter’s CEO, Jack Dorsey answers the question on whether or not he will create his own cryptocurrency.
He said that he has no plans for that at the moment, however, he expressed his personal view towards cryptocurrency and the internet.
Dorsey believes that the internet will have its native currency one day, although he doesn’t know what that would be.
He elaborated his opinion further by saying that it could be Bitcoin, given the tests it has been through all this time, the principle behind its creation, all of which happened in the internet.
Despite his “reluctance” to create his own cryptocurrency, he still wants to participate in the nascent technology, which he said to have done through the CashApp project.
The 42-year old CEO claimed that his company is the first publicly traded company that offers crypto (Bitcoin) purchasing as a service as well as talks to the SEC about Bitcoin and what it means.
“It made us uncomfortable, we had to really know what’s going on and that was critical and important,” he said.
Dorsey then expressed his expectation for the future, “We’d love to see something become global currency. It enables more access, it allows us to serve more people and allows us to move faster around the world.”
‘People treating BTC like virtual gold’
As an effort to help make his expectation comes true, he decided to participate by creating something that makes it easier for people to purchase Bitcoin.
“We notice that people are treating it [Bitcoin] as an asset, like a virtual gold. We want to make it easy, just the simplest way to buy and sell Bitcoin. But we also knew that it had to come with a lot of educations, a lot of constraints,” he said.
Reflecting to what happened 3 years ago, when people had the “unhealthy way” of purchasing Bitcoin by using their maximum credit card limit or using their other life savings, Dorsey decided to put a very “simple” restriction and constraint on his app.
Quoting his statement, “You can’t buy Bitcoin on CashApp with credit card. It has to be the money you actually have in it. We look for day trading which we discouraged and shut down, that’s not what we’re trying to build, that’s not what we’re trying to optimize.”
He went on further by saying that he tried to take the education role, “We made a children book explaining what Bitcoin is, where it came from and how people use it and where it may be going.”
When asked if CashApp with its decentralized concept has experienced some sort of “push back” from any companies, he mentioned major banks, financial institutions and “some governments” are several that are felt “threatened” with the concept and technology.
However, he encouraged all parties to seek for ways to embrace the technology not to react to it from a threat standpoint, instead seeing what “it enables us to do and where our value shifts”.