The CEO of the famous social media platform Jack Dorsey revealed that he is spending thousands of dollars a week on Bitcoin, as he expects that there will be a significant turnaround for the crypto market.
Dorsey is fascinated by the potential of Bitcoin
Mr. Dorsey, who is also the CEO and founder of mobile payments company Square, was a vocal advocate of the cryptocurrencies since two years ago, but he never before spoke about his own holdings.
Recently, speaking in one interview, Dorsey explained how he became fascinated by Bitcoin in 2017, because of the potential that it has for disrupting payments and the broader financial industry.
He said that it was exciting even to imagine that you are born this year, and you grow up only to know that the potential for a global currency actually exists. He also said that what you will do with your realization is fantastic. It feels like you just accelerate things even faster. He thinks that there is a massive acceleration which will occur within the following 10 years.
During the interview which lasts half an hour, Dorsey has revealed that he had also mixed out the $10,000 spending limits of the application Cash App of his company in the last few weeks.
Dorsey believes that Bitcoin or other cryptos will be the ‘native currency’ of the internet
A recent trend on the social media platform Twitter, which is known as Stack Sat Saturday, also saw fellow Bitcoin enthusiasts buy $25 worth of the crypto every Saturday. Dorsey said that he saw that on Twitter and he wanted to participate, but he had already exceeded his limit.
Ultimately, he said that he believed that Bitcoin or some other crypto is going to become the ‘native currency’ of the internet that also has the same borderless, as well as global reach as the internet itself.
The CEO of Square even added that his payments company is actively researching, as well as developing some new ways of supporting the Bitcoin community, and help make it happen.
He doesn’t wait around for that to occur to him or to use as a company, but he wants to help make it happen. To him, it all goes back to the internet. What does the internet want to be? Well, it wants a currency, and it has always wanted a currency, but it has not had the technology until ten years ago, according to him.
Other major tech companies showing interest in cryptocurrencies
Some other major tech companies also showed interest in the crypto industry, including Facebook, which is actually rumored to be developing its own digital currency, in order to roll out across its messaging app WhatsApp.
A secret team consisted of about 60 Facebook employees are working on a blockchain project which is actually expected to go live within the following four or so months.
Some fellow messaging apps such as Signal and Telegram also have some plans to create their own cryptocurrencies, either of which could help propel crypto into the mainstream through their significant reach.