Twitter Founder: Bitcoin Will Be World's 'Single Currency'
Jack Dorsey predicts cryptocurrency will replace all other currencies
The billionaire founder of Twitter, Jack Dorsey, has predicted that Bitcoin will replace all other currencies on Earth, making it's the world's single currency.
The tech proponent says that the cryptocurrency will grow massively over the next ten years, both in value and usage.
Dorsey is also a huge investor in Bitcoin and its underlining technology, and his other company Square, a payments processing system, recently announced it will include cryptocurrencies in its list of accepted currencies.
In a statement, Mr. Dorsey said:
“The world ultimately will have a single currency, the internet will have a single currency.
“I personally believe that it will be bitcoin.”
Coin Thud reports: The Twitter and Square CEO says he acknowledges that bitcoin “does not have the capabilities right now to become an effective currency,” but that it will be more than capable in the near future.
Mr. Dorsey predicts that Bitcoin will not only be the leading cryptocurrency but it will be the world’s leading currency.
This will happen “probably over ten years, but it could go faster,” he added.
Bitcoin has evolved rapidly as a digital currency In less than a decade.
What started out as an object of fringe interest has become a globally traded asset often likened to gold.
It has also recently acquired a derivatives product on the world’s biggest futures market.
Last year, the cryptocurrency surged in value from less than $1000 at the start of the year.
By the end of 2017, Bitcoin has reached record highs of above $19,000.
Today, Bitcoin is trading around the $9,000 mark, according to the Coin Thud live price charts.
Dorsey has become a key proponent in the evolution of cryptocurrencies.
In late January, Dorsey’s newer company, Square, began offering Bitcoin trading through its mobile payments app, Cash.
Mr. Dorsey is also is also a major backer of Lightning Labs, which announced last week it has raised $2.5 million in seed funding.
The start-up has developed software to make Bitcoin transactions more efficient and their work has also attracted the interested of other big fintech names such as Litecoin founder Charlie Lee.
Speaking to The Times, the Twitter co-founder and CEO said other companies need to join Square to help ensure Bitcoin becomes more widely accepted.
Dorsey acknowledged that Bitcoin’s speed and processing fees are currently holding it back from becoming an “effective currency,” but added that new technology will make it more “approachable,” saying:
“It’s slow and it’s costly, but as more and more people have it, those things go away.
“There are newer technologies that build off of blockchain and make it more approachable.”