Square, Twitter CEO Jack Dorsey: Bitcoin ‘Not Functional as a Currency’

Square and Twitter CEO Jack Dorsey has said Bitcoin (BTC) will continue to be adopted more widely, but it is still too early to consider it a currency.

On Sept. 4, the outspoken Bitcoin advocate told the Australian Financial Review that he is convinced the No. 1 cryptocurrency will continue to be adopted more widely. However, Dorsey added:

“It’s not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”

Dorsey, who endorses the principles that created Bitcoin and the community that formed around it, went on to say that once crypto becomes the currency of the internet, Square would focus more on services that add value rather than those that enable money to be moved around.

Dorsey was visiting Melbourne for the launch of the Square Terminal, an all-in-one credit and debit card machine.

Square first announced in November 2017 that it would release a BTC trading option which prompted its stock to soar by $1 billion in five days. In August 2019, Dorsey added:

“We love you, Bitcoin […] we saw 3.5 million customers use Cash Card in June, typically using it to purchase multiple times per week. Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”

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