Jack Dorsey Interviewed on Rogan, ‘The Internet Will Have a Currency,’
Jack: No, no no no, no
Rogan: Maybe you should take it, it’s open. it’s free now.
Jack: No. One of our equivalent operating principles with Cash and Square is, ‘How do we understand someone’s struggle? How do we have the empathy to understand they’re struggling with?’ And when it comes to finance they are struggling a lot. Typically they are struggling a ton.
Rogan: What was the thought process with… I mean one of the things that’s kind of cool about the cash app is that you can buy and sell Bitcoin. Are you guys going to consider other forms of cryptocurrency as well?
Jack: Not right now. So back to the internet. I believe that the internet will have a native currency.
Rogan: Really?
Jack: It will have a native currency. And I don’t know if it’s Bitcoin. I think it will, because just given all the tests it was been through, the principles behind it, and how it was created. It was something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet. And the reason we enabled the purchasing of bitcoin within the cash app is one we want to learn about the technology, we want to put ourselves out there and take some risks. We’re the first publicly traded company to actually offer it as a service. We’re the first publicly traded company to talk to the SEC about Bitcoin and what that means. And, it made us uncomfortable, we had to really understand what was going on, and that was critical and important. And the second thing is that we would love to see something become a global currency. It enables more access, it allows to serve more people ,it allows us to move much faster around the world. We thought we would start with how you can use it transactionally. But we noticed that people are treating it more like an asset, like a virtual gold. And we wanted to make that easy, just the simplest way to buy and sell bitcoin. We also knew that it had to come with a lot of education, it had to come with restraint. 2 years ago people did some really unhealthy things about purchasing Bitcoin. They maxed out their credit cards, they put all their life savings So we devleoped some really simple restrcitson. You can’t buy Bitcoin on teh cash app with a credit card.
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