In brief
- Dorsey called stablecoins a leap “from one gatekeeper to another.”
- Block’s Cash App is building stablecoin support into its core payment flow.
- The company’s AI push has already cost 4,000 employees their jobs.
Longtime Bitcoiner and Block Inc. CEO and co-founder Jack Dorsey has very reluctantly gotten onboard with the idea that the company’s customers are embracing stablecoins.
“I don’t like that we’re going to support stablecoins, but our customers want to use them,” he toldWired. “I don’t think it’s wise to go from one gatekeeper to another.”
Dorsey’s hesitant embrace of stablecoins isn’t exactly a heel turn, but it is a departure from his allegiance to the first and largest cryptocurrency by market capitalization.
Dorsey is the kind of BTC aficionado who has compared the Bitcoin white paper to “poetry.” During the same 2020 podcast interview, he told MIT research scientist Lex Friedman that he takes comfort in knowing that Bitcoin inventor Satoshi Nakamoto has remained pseudonymous.
“I think it was smart not to do it anonymous, not to do it as a real identity, but to do it as a pseudonym,” said Dorsey, “because I think it builds tangibility and a little bit of empathy that this was a human or a set of humans behind it. There’s this…
