Square CEO Jack Dorsey has said that he believes bitcoin is a “transformational technology” that could become a one-world currency within a decade.
However, discussing Square’s quarterly performance in an earnings call on Wednesday, CFO Sarah Friar downplayed the role of cryptocurrency in the firm’s suite of products and services.
“It’s not a major monetization engine, she said. “The goal is to continue to drive utility in the Cash App.”
“We have some spread in there to allow for the fact that bitcoin is volatile,” Friar added. “We’re not trying to push on the monetization of bitcoin today.”