[Music] hello folks you have reached the cryptocurrency portal here on Sunday September 8 doing our latest cryptocurrency update again we thank the daily Hodel for their latest little article that we want to go through and discuss because it has to do it Jack Dorsey from Twitter and you can see the headline says tech billionaire Jack Dorsey has no plans for Twitter coin and calls Bitcoin the best bet so let’s go through this and see what is on Jack Dorsey’s mind because obviously he’s an amazing individual that started a couple companies from Twitter and square so let’s see what he has to say about the cryptocurrency space in general so it says Twitter and square CEO Jack Dorsey says he has no plans to launch a cryptocurrency that similar to Facebook’s Libre coin the longtime crypto supporter tells The Sydney Morning Herald that bitcoin is the best suited digital asset for the internet says Dorsey I think open internet standards serve every purpose person better than once controlled are started by companies the tech billionaire whose social network Twitter and digital payments platform Square are worth thirty five point one one billion dollars and twenty six point four eight billion dollars respectively arrived in Melbourne Australia on September 30 to note the latter which sells Bitcoin through its cash app I think bitcoin is the best bet because it’s the most resilient it’s been around for ten years and has a great brand and it’s been the tested a bunch as I look at all crypto currencies that Phil could fill the role of being the native currency for the internet Bitcoin has a pretty high probability now Dorsey and his team were Melbourne to unveil Square Terminal an all in one card processing device selecting the city because Australia’s tech advancements in willingness to expand the digital economy reports The Sydney Morning Herald Australia’s uptake of cashless payments also factored in the company’s decision to roll out new tech locally with mr. Dorsey saying Australia fared much better than the US when it came to digital payments is so true the United States is a little behind and regulatory framework and certainty in regulations so I really hope the United States and Congress and SEC and FinTech they all get their act together and input the regulations set forth so there are certainty and investors can continue to invest in and other retail investors can invest in the coins of their choice but so we just need we need certainty in regulations and I think mr. doar sees comment here kind of reflects on that now Dorsey also believes his digital base Square which generates two million dollars in profits on 125 million on $125 of revenue from customers Bitcoin transactions in the second quarter this year will have a distinct advantage over other more traditional companies as geopolitical tensions and economic dramas play out mr. Dorsey said squares positioning in the software and payment space meant it could weather storms including recessions and the us-china trade war though he noted other companies may not be so lucky Square Terminal is designed to beat the big Australian banks by eliminating setup service and account fees Dorsey plans to position the new payments device in everyday shops and cafes delivering the biggest impact for consumers he says in 2016 we started helping the smallest Australian businesses accept card payments easily with our original square card reader and we didn’t stop there we’re growing with sellers introducing new hardware that is still easy to access and quick to set up but is also designed specifically to get bigger and more complex businesses better options when it comes to choosing a payment platform now speaking to the Australian Financial Review Dorsey who supports the Lightning Network the crypto scaling solution that will make small casual purchases feasible says he expects Bitcoin to gain widespread adoption after more workers done he says it’s not a not functional is it currency the peaks and troughs are like an investment asset and our foot onto gold what we do what we need to do is make it more usable and accessible as a currency but it’s not there yet so it’s just interesting getting toward dorsey’s take on it because he’s been so much on the forefront over the decades in just the tech space he understands obviously social media because of Twitter he understands payments because of square so it’s good to get his perspective on what he thinks of the cryptocurrency space so we just thought we’d highlight this because anytime we have some incredible information in our crypto space we’d love to highlight it here on our channel so again thank you so much for tuning in today on the cryptocurrency portal have a great day [Music]