Bitcoin Lightning On Square Could Have a Bigger Impact Than ETF Offerings, and Bakkt Combined, Researchers Argue

Despite the fact that most industry insiders have made many remarks about the real world applications for Bitcoin (BTC), as it stands the leading crypto has seen very little adoption. It has been said that the total number of merchants accepting Bitcoin (BTC) has plummeted, and not risen back in the last few years.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

However, there’s hope that this could actually change soon because one of the renowned mobile apps in the U.S is looking to set to double-down on its Bitcoin (BTC) offering. A few have argued that the integration may single-handedly propel the industry to attain the much anticipated new heights many have been expecting.

Twitter CEO Continues His Bitcoin (BTC) Crusade

In the last two weeks, the CEO of both Twitter and Square, Jack Dorsey has risen to significant status in the crypto space. While he made a few comments regarding his enamorment with Bitcoin (BTC) in the early part of 2018, he went full evangelist early-February, after extensively touting out the benefits of an Internet-centric decentralized legal tender. Dorsey also claimed that the battle-tested BTC could become the native currency in place of fiat of the whole Internet sector.

He showed a similar sentiment on Twitter. Dorsey posted 100 tweets regarding cryptos in a rant-esque model. As per previous reports from the outlet, the Bay Area native said Bitcoin (BTC) is resilient, a great brand, principled, and native to the ideals of the Internet, despite cynic cries.

Only days later, the crypto bull took to Bitcoin proponent Stephan Livera’s podcast to verify the rumors. During the podcast, the Twitter Chief explained that Square’s integration of the Lightning scaling protocol is simply a matter of “when,” rather than “if.” Speaking about the rationale of making a move like this, Dorsey explained that his company’s raison d’etre is to provide the best service to customers, with the Lightning scaling protocol only improving this goal.

Additionally, he insisted that Square sees the underlying nature of Bitcoin (BTC) as a currency as opposed to solely a digital asset. As it stands, the widespread Lighting Network adoption looks like the most promising route to achieve that end.

How Huge Will Bitcoin Lightning On Square Be?

While Dorsey’s remarks about his fintech upstart’s the plans to integrate the Bitcoin Lightning scaling solution looked open-ended, the gravity of the move was comprehended quickly.

Alec Ziupsyns, who is also known as the RhythmTrader on Twitter, declared that whatever type or mode the integration takes, it is more likely going to have a monumental impact on the Bitcoin (BTC) space than Bakkt and ETF offerings.

Ziupsnys, who compared the launch of the Bitcoin (BTC) Blockchain to a global earthquake, remarked that this coming phase in the asset’s life, which is going to involve Square’s Bitcoin offering, should have a tsunami effect in the Bitcoin space.

Other industry experts also echoed Ziupsyns’ thoughts. During an interview with Tim Copeland of the Decrypt Media, Jeremy Welch, who serves as the chief executive of Casa (a Bitcoin hardware and software provider), indicated that Square’s and Twitter’s support for Lightning would be “huge.” Welch remarked that because Square is a “well respected firm,” with “great technology, great teams,” it’s doubling down on the Bitcoin (BTC) would be paramount for the adoption and reputation of the leading cryptocurrency.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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