Jack Dorsey says the 'only' cryptocurrency he owns is bitcoin

  • "I only have bitcoin," Jack Dorsey, the billionaire founder of tech firms Twitter and Square, said in a tweet Tuesday evening.
  • Dorsey participated in a social media game called "lightning torch," part of an effort to promote the so-called "Lightning Network."
  • "Lightning Network" is an update to the bitcoin network that would, in theory, make bitcoin transactions cheaper and faster.
Jack Dorsey
David Paul Morris | Bloomberg | Getty Images
Jack Dorsey

Jack Dorsey, the billionaire founder of tech firms Twitter and Square, is still bullish on the world's most valuable cryptocurrency.

Dorsey said in a tweet Tuesday evening that — out of the hundreds of virtual currencies in existence — the only one he currently holds is bitcoin.

"I only have bitcoin," the entrepreneur told his followers.

Dorsey, whose fintech company Square lets users buy and sell bitcoin via its Cash app, didn't specify how much bitcoin he owned. The digital asset's price has tumbled more than 80 percent since an all-time high near $20,000 it hit in December 2017.

That hasn't stopped him from making bullish calls for the digital coin. Dorsey has made the prediction that bitcoin will one day become the single global currency, and said he hopes the cryptocurrency will eventually be the "native currency" of the internet.

Dorsey also promoted a social media game called "lightning torch," where users add funds to a bitcoin payment and then send the "torch" along to another person so they can add funds and so on.

"Cool example of #BitcoinTwitter experimenting on the Lightning Network," Dorsey said, before passing the "lightning torch" onto Elizabeth Stark, CEO of Lightning Labs, a blockchain company he has invested in.

The game is part of an effort to promote the so-called "Lightning Network," an update to the bitcoin network that would work as an additional layer to the existing distributed ledger that underpins bitcoin. The upgrade would, in theory, make bitcoin transactions cheaper and faster.