Twitter CEO and Bitcoin advocate Jack Dorsey has urged the Trump administration to use his payments company, Square, to distribute billions of dollars to US citizens rather than the IRS.
As part of thecoronavirus rescue package, signed into effect byPresident Trump on Friday, US citizens will receive a bailout check of $1,200 per person. The government intends to hand out the money by April 6. However, the last time a bailout of this proportion was prescribed—in the fallout of the 2008 recession—payments took months to arrive.bailout
For Dorsey, that's not soon enough.
Square set up its Bitcoin division in March 2019. Image: Shutterstock.
The Twitter CEO said on Thursday that via Square's Cash App, money could be dispensed in just one day and include the unbanked.
“People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help,” he tweeted, on Thursday.
People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help. https://t.co/mVrpOpbp0b
A US politician has asked the Treasury to mint two platinum coins, each worth $1 trillion, in order to help the nation’s economy deal with the coronavirus pandemic.
The coronavirus has killed over 13,000 people worldwide, including 348 in the US, according to data metrics site Worldometers. It has also ruined the country’s economy, and the government is working out how to save it.
The two $1 trillion coins would be used to pay $2,000 to everyone in the US, and $1,000 a month after that—until a y...
"They [the US government] know they need to get this money out the door quickly so I think they are open to quicker methods," a sourcetold CNN Business. "Last time they were doing this was 2008 and 2009 and the technology didn't exist as it does today."
Per Reuters, the Internal Revenue Service will administer the coronavirus package. But the agency has struggled to execute eventhe simplest of tax audits in recent years. In 2001 following President Bush' tax cut, the agency took over six weeks to provide rebates. Similarly in 2008, the IRS spent three months delivering fiscal relief.
And with the most cases of the coronavirus located in the US, the IRS will have its work cut out.
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Eric Trump and Donald Trump Jr. bashed the traditional finance system and championed the U.S.' pro-crypto pivot and their own digital asset endeavors on Wednesday at the Bitcoin 2025 conference in Las Vegas—underscoring the Trumps' growing enmeshment with the cryptocurrency community, despite critics' concerns over conflicts of interest posed by the First Family's embrace of the industry.
The two eldest sons of U.S. President Donald Trump touted the U.S.' foray into Bitcoin and other cryptocurr...
Online trading platform eToro announced on Wednesday that it has added 12 cryptocurrencies to its U.S. platform, expanding its digital asset offerings in the country after sharply scaling back its presence last year due to regulatory constraints.
The new tokens available to U.S. users include Cardano, Dogecoin, XRP, and Shiba Inu, among others, bringing the total number of listed assets from three to 15.
These tokens join Bitcoin, Ethereum, and Bitcoin Cash, the only crypto assets the firm offe...
Video game retailer turned meme stock GameStop has announced that it has purchased Bitcoin, currently worth approximately $512 million.
The firm tweeted that it had purchased 4,710 BTC, after having completed a $1.5 billion offering of convertible senior notes to investors in early April.
GameStop has purchased 4,710 Bitcoin. pic.twitter.com/gGdr0BRrAv
— GameStop (@gamestop) May 28, 2025
At the time, GameStop stated that it planned to use the proceeds to establish a corporate Bitcoin treasury;...