Square's Bitcoin move causes internal disagreement

Jack Dorsey CEO of @Square and @Twitter with Elizabeth Stark of Lightning Labs at Consensus 2018 in New York City

"I also think our role is to help educate", said Dorsey, "which includes this children's books".

"Our focus is 'How to do we get this to be an everyday currency?'", said Dorsey.

"We dedicated a month to enabling him to accept a credit card...enabling him to make a sale."

The payments processing company said it sold a total of US$34.1 million in bitcoin in the first quarter. "And that's why we're working with [Lightning Labs]", said Dorsey.

He recognized along with others at the time that, "a currency backed by strong cryptography was the ultimate (cryptography) application".

While Square's move is neither innovative nor new, as many crypto apps are already in place, he argues that Square is efficient and fast. "And it felt like something we needed to explore a lot more", he said. After that they dedicated Brock to building Bitcoin within Square Cash, saying the feeling of solving the issue was "amazing".

Stark asked what had changed in the interim. "It felt electric", he said.

Stark questioned whether, like Bitcoin, Square may not be the ultimate solution in terms of P2P payment and cryptocurrency services, to which Dorsey candidly responded,"I actually don't know".

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Initially, Square sought to make Bitcoin payments "as simple as talking or emailing" where you could put the payment amount in a subject line.

Despite the volatile price movement of cryptocurrencies and unclear regulatory prospects, people's passion over the technology has only surged higher.

Unfortunately the email system was hacked and failed. With the current Cash app, users can sell and buy bitcoin in the marketplace, but still can't send it directly to other Cash users, nor can they use it to purchase from merchants that use Square to process payments.

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative. As a result, adjusted revenue from bitcoin was just US$200,000.

Square launched cryptocurrency trading through its Cash app in January.

Dorsey: I didn't really understand the implications of it until three or four years ago when we had some Square engineers who wanted to build Bitcoin acceptance into our online store.

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

"The internet deserves a native currency..." I don't know whether it will be Bitcoin or something else, but I'm a huge fan and appreciate the technology and principles behind it.

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