We need a global currency for the internet, says Twitter's Jack Dorsey

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Twitter and Square co-founder Jack Dorsey believes there is a need for a web-based global currency, he told Quartz in an interview.

He suggested that the internet should mimic nation-states by having its own coin and that a global currency could help fintech firms like Square develop faster and be more accessible to people.

Dorsey predicts “there is not going to be any one party or institution that makes this [global currency] happen, and there’s not going to be any one party or institution that can stop it from happening.” 

Currently, he believes bitcoin is the best candidate for such a currency as it is “very pure” and its creator concentrated on “a public good, rather than any other particular agenda.” He also said that after 10 years, it’s proven to be resilient.

When asked about the Facebook coin, he remarked a stateless currency is something every private company could see value in.

Dorsey added:

“This is our one opportunity to align every community, and every country, around the world, which I think provides a lot of clarity, enables a lot more innovation, and most importantly creates a probability of much greater access for more people."

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