Twitter founder Jack Dorsey has gone on record with The Times stating Bitcoin will become the world’s single currency.
“The world ultimately will have a single currency, the internet will have a single currency, I personally believe it will be Bitcoin”
Dorsey is one of Silicon Valley’s leading star entrepreneurs who co-founded Twitter and Square. Dorsey states Bitcoin will overtake the dollar as global currency of the internet before 2028, within the next decade.
Why a Decade?
Dorsey does believe that Bitcoin in its current state is not practical for everyday transactions due to slow transaction speeds and higher than desired fees. He does believe that the innovations to solve these problems are promising and will ultimately make it feasible one day for day-to-day transactions, like buying a coffee.
It seems Dorsey is not just talking the talk and is helping to make sure the practicality of Bitcoin as a global currency becomes a reality. Last week Dorsey revealed he was one of the investors in a $2.5 million seed funding round for Lightning Labs, a tech start-up that develops protocols to increase the speed and decrease the costs of using blockchain and smart contracts.
Dorsey’s bullish stance on Bitcoin came as a bit of a surprise as he’s been under fire in the recent months by the crypto community for deciding to ban cryptocurrency related ads on the Twitter platform as well as shadow banning many crypto user’s accounts. On the other hand, Dorsey has integrated Bitcoin functionality with his Square/Cash App, where users can send transactions, buy, and cash out with Bitcoin. As Dorsey is a leader in Silicon Valley who himself is investing in the success of Bitcoin’s future, it seems his prediction on Bitcoin does hold some merit.