Twitter CEO Jack Dorsey Hopes Bitcoin Will Become the Internet’s “Native Currency”

Francisco Memoria
  • Square and Twitter CEO Jack Dorsey revealed he hopes bitcoin will become the internet's "native currency."
  • He's in the past predicted the flagship cryptocurrency will be the world's "sinngle currency" in 10 years and has invested in its technology.

During this year’s Consensus conference in New York, Twitter’s chief executive officer Jack Dorsey revealed he hopes bitcoin will become the internet’s “native currency.” Dorsey, who’s also the CEO of payments company Square, revealed he’s in sync with most cryptocurrency enthusiasts. He said:

"The internet is going to have a native currency so let's not wait for it to happen, let's help it happen. I don’t know if it’ll be Bitcoin or not, but I hope it will be.”

Jack Dorsey

Per the business executive’s words, he’s a “huge fan” of bitcoin, and would like to be able to see the cryptocurrency help lower Square’s barriers to enter new markets. Square, being a payments company dealing with fiat currencies, has to approach each market differently, find a banking partner, and work with regulators.

Cryptocurrencies like bitcoin could help the company expand worldwide. The problem, he implied, is it can’t yet be used as a currency. He said: “If we were able to use it as a currency today, we could release our apps in every app store around the world instead of the five we’re in.”

Dorsey is a well-known bitcoin bull, who earlier this year predicted bitcoin will become the world’s “single currency” in only 10 years. The CEO has also been a part of a $2.5 million seed funding round in Lightning Labs, a start-up developing the technology that’s set to allow bitcoin transactions to be more efficient.

While the business executive supports cryptocurrencies like bitcoin, at Consensus he revealed that not everyone at Square is as enthusiastic as he is. When Square added bitcoin to its Cash app, he claims it was a “pretty contentious move in the company,” as a some in it were skeptical about the technology. Even today, he noted, there are debates over the topic.

Square launched bitcoin trading through its Cash app back in January, and as covered has sold a total of $34.1 million worth of the cryptocurrency in the first quarter. It spent $33.9 million to buy bitcoin during that period, which means it made $200,000 from bitcoin trading, without charging fees.

He added:

“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.”

Jack Dorsey

Bitcoin Investors Reportedly Lose Millions in South African Exit Scam

Michael LaVere
  • VaultAge Solutions CEO Willie Breedt is being accused of making off with millions in investor bitcoin.
  • Breedt allegedly fled the country for Mozambique and has not communicated with investors since December 2019. 

South African cryptocurrency investors are accusing the CEO of VaultAge Solutions of stealing millions in crypto before going on the run. 

According to a report by AllAfrica, Willie Breedt, the CEO of cryptocurrency investment firm VaultAge Solutions, is presumed to be on the run after not making public communications since December 2019. The report claims Breedt was speculated to be staying near the town of Jeffrey’s Bay and that his whereabouts where being looked into by the country’s criminal investigation unit. 

However, South Africans who invested cryptocurrency with the now-defunct firm fear the CEO may have fled the country for Mozambique. 

Breedt is accused of stealing millions from bitcoin investors. The report claims VaultAge Solutions is not registered as a legitimate financial institution with the Financial Services Conduct Authority (FSCA), despite having more than 2000 investors. 

The report quoted investor Lettie Engelbrecht from Krugersdrop, 

We are pensioners and invested R200 000. From December until April, we received payments on the growth of our investment. Since then, we never got any money. We are desperate and living on a shoestring budget.

One South African investor reportedly had deposited more than R6 million ($342,000) with Breedt’s company. 

Breedt delivered a written reply to local outlet News24, explaining, 

I am busy attending to the commitments I have made to members. The commitment is to have all the initial capital paid back by 31 May.

Colonel Katlego Mogale of the Directorate for Priority Crime Investigation (DPCI) said authorities are investigating the case but cannot reveal any more information “at this stage.”

Featured Image Credit: Photo via Pixabay.com