Bitcoin to be new Native Currency for the Internet

native currency

Square Inc – a mobile payment application Cash App that generated $1.8 billion in bitcoin revenue. They are focusing on making cryptocurrency the native currency used on the Internet. They stated this multiple times along with their commitment to bitcoin during the company’s Q3 earnings call that took place on Friday. Square market capitalization currently stands at $110 billion.

The Call – Jack Dorsey:

During a call, the CEO, Jack Dorsey, was asked whether Square is “looking to expand into crypto beyond bitcoin buy and sell,” such as accepting more cryptocurrencies and allowing users to “engage in defined NFT ecosystems.” Most straightforwardly, he replied, “we’re not.” He emphasized with the following statement “our focus is on helping bitcoin to become the native currency for the Internet… We have several initiatives toward that goal. Cash App is just one.” “We’re going to be building a hardware wallet. We’re exploring bitcoin mining, a consumer device to mine bitcoin at home or in a business or seller business. We believe this focus is important. We believe it’s right.” He went on saying.
Dorsey also started talking about a new business unit called TBD. He went on “We also recently created a business called TBD in order to build an open developer platform with the sole goal of making it easy to create noncustodial, permissionless and decentralized financial services with a focus on bitcoin.” The new platform aims to promote more decentralized ideas based on the bitcoin platform and the stability and resilience that it offers. He then promised to release more details on what TBD offers on the white paper on November 19th.
In Dorsey’s words, “Both are focused on helping bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.” He concluded by stating “we will build both in the open, in collaboration with the community sharing all of our decisions, progress, and questions along the way.”
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Bitcoin to be new Native Currency for the Internet

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