Jack Dorsey backs Bitcoin to become internet's native currency

Twitter and Square boss Jack Dorsey has no interest in creating a digital currency similar to Facebook's Libra. He will instead focus on promoting the use of Bitcoin.

"I think open internet standards serve every person better than ones controlled or started by companies,” he told the Sydney Morning Herald during a visit to Australia. Bitcoin, he added, is still the most likely candidate to become the internet's native currency.

"I think [Bitcoin's] the best bet because it's been the most resilient, it's around for 10 years, it has a great brand and it's been tested a bunch," he said.

Dorsey was in Australia for the launch of Square Terminal, a new PoS hardware device pitched as an alternative to those provided by banks. Australia's uptake of cashless solutions factored in the company's decision to roll-out the tech Down Under, with Dorsey saying the country fared "much better" than the US when it came to digital payments.