Jack Dorsey, CEO of Twitter and payment company Square, has predicted that Bitcoin will take its place as the single currency of the internet in the near future.
The comments were made in an interview with The Times published on 21 March. Dorsey elaborated on his belief that the pioneering digital currency will usurp the US dollar’s place in the world financial system, becoming the de facto currency for payments.
And he thinks that this monumental shift could happen in a decade, saying:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
While that may sound a bit ambitious, it is worth noting the incredible progress that Bitcoin has made in less than a decade. It has moved from a interesting idea and niche interest to a globally traded asset.
Dorsey has been a longtime advocate of cryptocurrencies. In January, he participated in a funding round for Lighting Labs that raised $2.5 million. The startup has launched a beta version of the Lightning network, which will speed up transactions and lower transaction fees on the Bitcoin blockchain.
Square have also trailed adding the ability to buy and sell Bitcoin on its Square Cash App. Dorsey believes that it is the role of payment and processing companies like Square to work towards helping cryptocurrencies to become more widely accepted.
He did, however, accept that Bitcoin currently lacks the capability to become an effective currency.
“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,” Dorsey is quoted as saying in the Times piece.