“Bitcoin is functional, but so far does not work like a currency”

Jack Dorsey, CEO of Square’s payment startup and founder of Twitter, said that Bitcoin will continue to spread, but it’s too early to consider currency.

In an interview with the Australian Financial Review, Dorsey said that, in his opinion, the first cryptocurrency will continue to be widely used, but so far, bitcoin does not work as a currency.

“Bitcoin does not function as a currency. Its fluctuations are similar to the dynamics of investment assets and are similar to the dynamics of gold. We need to make it more convenient and affordable as a currency, but so far this has not happened, ”he said.

Dorsey also noted that as soon as Bitcoin becomes the currency of the Internet, Square will focus more on those services that increase the value of cryptocurrencies, rather than those that allow you to transfer money.

In February, Dorsey said that “Bitcoin is the essence of the Internet,” and in September last year, he said that his company was studying blockchain solutions for their implementation on the platform.

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In addition, Twitter CEO supported the Torch Lightning Network initiative, and in February, users of the social network became available with the new Tippin feature, which allows you to send and receive micropayments in bitcoins.