Breaking News
0

Square's bitcoin move has caused internal disagreement: CEO Dorsey

Cryptocurrency NewsMay 16, 2018 02:16PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Jack Dorsey, CEO and co-founder of Twitter and founder and CEO of Square, speaks at the Consensus 2018 blockchain technology conference in New York City

By Anna Irrera and Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - Square Inc's (N:SQ) decision to allow users of its mobile app to buy and sell bitcoin this year was a "pretty contentious move within the company" and remains a source of internal tension, the payment processor's CEO Jack Dorsey said on Wednesday.

Speaking at a cryptocurrency conference in New York, Dorsey, who is also the chief executive of Twitter Inc (N:TWTR), reiterated his support for the virtual coin, but noted that not everyone within Square shared his views, including members of the board.

"We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology," Dorsey said. "There is still a lot of skepticism, and still a lot of debate and disagreements and fights, but that is where the magic happens."

He added that the "healthy discussion" around bitcoin extended "all the way at the board level", without elaborating on specifics.

In January, Square, a San Francisco-based company largely known for its credit card processing hardware for small businesses, began allowing users of its consumer payment service Cash App to buy and sell bitcoin.

The company made $34.1 million in revenue from the new bitcoin offering in the first quarter of this year, but its bitcoin costs were $33.9 million, according to a May shareholder letter.

Proponents of bitcoin say that it can help democratize finance by offering a way to bypass banks and governments, and conduct transactions more cheaply.

But it has failed to take hold as a payment for mainstream goods and services, in part because of extreme volatility, slow transaction processing, and widespread doubts about its long-term viability.

The volatility of bitcoin and other digital currencies have, however, made them attractive speculative assets. The price of one bitcoin peaked in December to almost $20,000 and has since dropped to less than half that.

Dorsey, a known bitcoin enthusiast, said he believes the internet will have its own "native currency." He said he hoped that would be bitcoin. "I am a huge fan," he said.

A spokesman for Square told Reuters that the company does not have figures to share on Dorsey's bitcoin and cryptocurrency holdings.

Dorsey said wider acceptance of bitcoin could help Square expand globally.

"If we were able to use it as a currency today (...) we could release our apps in every app store around the world," he said.

Square's bitcoin move has caused internal disagreement: CEO Dorsey
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email