Jack Dorsey, CEO of both Twitter and payment services company Square, sees Bitcoin (BTC) soon becoming the world’s dominant currency, not just online, but everywhere.
Dorsey announced in February 2018 that Square's payment application, "Cash App," would soon give users more ways to use Bitcoin, even allowing users to instantly buy and sell bitcoin. At a stop on a promotional tour for Square on Monday, Dorsey told The Times of London that Bitcoin’s emergence as the world’s clear currency leader will happen “...probably over ten years, but it could go faster. The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
Dorsey said that scaling issues currently slowing BTC's adoption as an everyday currency will be solved: “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.”
Bitcoin transactions may soon process in much less time. Last week, Lightning Labs released a new Lightning Network protocol layer built above the Bitcoin blockchain that may make fast and free bitcoin transactions a reality. Dorsey and Litecoin creator Charlie Lee participated in Lightning Labs' $2.5 million seed financing round.
Bitcoin bulls were excited to receive further confirmation that Dorsey sees big things ahead for Bitcoin, especially after Twitter just announced a ban on all cryptocurrency-related advertising. But, keep in mind, Dorsey himself is a noted investor in both the bitcoin cryptocurrency and Bitcoin platform technologies. He is far from an unbiased observer of Bitcoin's adoption curve, certainly prone to some degree of irrational exuberance, and not above taking a public stance driven partially by self-interest regarding all things Bitcoin.
By: BGN Editorial Staff