Twitter Founder Backs Bitcoin for Global Internet Currency at Consensus after Twitter Bans Crypto Ads

Twitter co-founder and CEO Jack Dorsey spoke to crowds at a blockchain event Consensus on Wednesday, stating that there will be a native currency of the internet. This comes after Twitter banned cryptocurrency ads in March alongside Facebook and Google.

Cryptocurrencies are here to stay

CNBC reported that he said: "The internet is going to have a native currency so let's not wait for it to happen, let's help it happen. I don't know if it will be bitcoin but I hope it will be."

This follows recent comments made by Jack Dorsey at The Times, London, where he was much more bullish on Bitcoin becoming the de facto currency of the internet. At the event, he highlighted the year 2028 as the year this will be achieved.

Jack Dorsey is also CEO and co-founder of Square, a London based international payments company which specializes in allowing everyone to accept card payments. Square initially accepted Bitcoin but ended support on April 23 following higher fees, due to the December spike in demand, and slow transaction times. However, Bitcoin has been upgraded in recent months with the addition of Segwit and the Lightening Network.

Square was successful in taking Bitcoin payments as they processed $34.1 million in the first four months of accepting it, although they only made a profit of $200,000. At Consensus, he also suggested that an internet currency would enable Square apps to be rolled out globally instead of being limited to a few countries. He also encouraged the other cryptocurrency stakeholders to engage with the SEC and educate them on this new technology.

The SEC has recently expressed the view that all ICOs are securities but have not committed to regulation of them. Instead, they have focused on educating the public to potential crypto scams. Covesting reported that the SEC recently set up a fake ICO for 'HoweyCoins', in reference to the Howey test for securities, and even wrote a fake whitepaper to convince investors. Anyone who tried to invest was met with this message: 

"IF You Responded To An Investment Offer Like This, You Could Have Been Scammed – HoweyCoins Are Completely Fake!"