Bitcoin has had a troubled start to 2019 with many predicting the long-running bitcoin bear market, which has seen the bitcoin price fall by some 80% over the last 12 months, could run on well into this year.
Not all are predicting doom and gloom for bitcoin, however. And now the chief executive of microblogging site Twitter and payments processor Square, Jack Dorsey, has repeated his prediction that bitcoin will “probably” become the internet’s “native currency.”
This isn’t the first time the often controversial Twitter co-founder Jack Dorsey has said he expects bitcoin to continue growing.
Dorsey, who has previously talked up the potential of bitcoin and decentralized cryptocurrencies, was speaking to podcaster Joe Rogan in a wide-ranging interview that covered bitcoin, blockchain, free speech, and the formation of Twitter and Square.
“I believe the internet will have a native currency and I don’t know if it’s bitcoin. I think it will be [bitcoin] given all the tests it has been through and the principles behind it, how it was created,” Dorsey told Rogan, who has previously hosted bitcoin and cryptocurrency advocate Andreas Antonopoulos.
“It was something that was born on the internet, was developed on the internet, was tested on the internet, [and] it is of the internet,” Dorsey added.
Dorsey’s San Francisco-based Square has supported bitcoin since 2014, when it began allowing merchants to accept bitcoin, and then added bitcoin trading to its popular Cash App in early 2018, letting users send bitcoin to one another.
“The reason why we enabled the purchasing of bitcoin in the Cash App is that we wanted to learn about the technology, and put ourselves out there and take some risks,” Dorsey said.
Twitter’s Jack Dorsey spoke about the future of bitcoin and cryptocurrencies on the Joe Rogan Experience podcast.POWERFULJRE / YOUTUBE
Last year Square reported made $34.1 million in first-quarter revenue from selling bitcoin, but it cost the company $33.9 million to buy the tokens, leaving Square with around $200,000 in bitcoin-related profit.
Dorsey also made it clear that bitcoin, the original and biggest cryptocurrency by market capitalization, is still his digital token of choice.
“The world ultimately will have a single currency, the internet will have a single currency,” Dorsey added. “I personally believe that it will be bitcoin … (It would happen) probably over ten years, but it could go faster.”
Dorsey added that there are currently no plans to add support for any other cryptocurrencies to the Cash App, which actively discourages its users from day trading bitcoin and bans the buying of bitcoin with credit cards due to the financial risks associated with bitcoin volatility.
The bitcoin price has been falling steadily since it hit an all-time high of almost $20,000 in December 2017, dropping by some 80% over the last 13 months and dragging the wider market down with it.
Bitcoin’s bear market, branded a “crypto winter” for its debilitating effect on the wider market, has caused many bitcoin, cryptocurrency and blockchain startups to slash jobs or shut down already and a further turn for the worse could spell disaster for the burgeoning bitcoin sector.
Some $400 billion in value has been wiped from the cryptocurrency market over the past 12 months as adoption stalls and banks put closely-watched plans to wade into bitcoin and cryptocurrencies on hold.
The bitcoin price has been falling steadily since it peaked at almost $20,000 in December 2017.COINDESK
Earlier in the interview, Dorsey courted controversy on both sides of the political spectrum by comparing U.S. president Donald Trump’s use of Twitter to previous presidents’ and world leaders’ use of the media and arguing “everyone has a right to [social media],” despite some high-profile figures being removed from Twitter recently.
Twitter banned conspiracy media outlet Infowars and its founder, Alex Jones, in September last year following months of public pressure to do so and a number of tech giants, including YouTube and Facebook, removing Infowars content in August, citing hate speech.
“[Jones] did very different things on our platform than others,” Dorsey said. “We saw this domino effect over a weekend of one platform banning him, and then another, and then another, and another, in very, very quick succession, and people might have assumed that we would just follow suit, but he didn’t violate our terms of service. Afterwards, he did.”
It has been suggested that Trump’s conduct on Twitter could be seen as violating Twitter’s terms of service by encouraging violence and, though Dorsey argued there could be exceptions, he didn’t rule out kicking Trump off Twitter.
“It was the context that presidents of this country have used similar language on different mediums,” Dorsey said. “They say it on radio, they say it on television. If you were to look at president Obama, it wasn’t the exact same tone, but there were threats surrounding the same country. We have to take that context into consideration.
“Public figures might be in violation of our terms of service, but the tweet itself is of public interest; it should be talked about,” Dorsey said. “That is probably the thing people disagree with the most, and where we have a lot of internal debate. If we had a public leader, like the president of the United States, make a violent threat against a private individual, we would take action.”