Jack Dorsey: Bitcoin is functional, but does not work like a currency yet

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.

"It's not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it's not there yet," 

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.

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.