Jack Dorsey, current CEO and one of the founders of the Twitter social network, is known in the Bitcoin community as being a respected advocate. Dorsey is a strong supporter of blockchain technology and digital currencies, but a recent interview with the Australian Financial Review gives a deeper insight into how he thinks Bitcoin will continue to develop over the next few years. In a nutshell, Dorsey is still bullish and hopeful, but he has concerns about circulation and widespread adoption of the original cryptocurrency.
Dorsey thinks that a day will come when the internet will have what he describes as a "native currency," but he is not convinced that Bitcoin fits that mold at this time. Even though Dorsey has a broad interest in financial technology, Bitcoin is the only cryptocurrency he has personally invested in, he thinks of his holdings as being similar to gold, at least insofar as investment assets go. To a certain extent, gold works better as a currency in some circles; Bitcoin seems to be getting there thanks to currency exchange platforms, but Dorsey is of the opinion that Bitcoin needs to be more accessible and user-friendly before it can circulate as fiat.
As can be expected, the AFR interview with Dorsey gave Bitcoin traders a chance to take short positions; shortly after the article was posted on September 3, BTC/USD pricing lost more than $100 over a 48-hour period to finally settle just below $10,500. In late 2017, when Dorsey announced that its Square digital payments platform would start accepting digital currencies and even offer some level of trading, shares of the company enjoyed a major boost.
While visiting Australia, Dorsey introduced a new piece of hardware, the Square Terminal, a highly portable device that enables dip-and-pin payments with EMV chip cards; in other words, no more swiping of magnetic stripes for greater security. This terminal also offers contactless payments by means of near-field communications (NFC) technology, and it can act as an ATM should the merchant have enough cash on hand. Bitcoin payments are expected to be accepted by Square Terminals in the near future.