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Twitter CEO foresees Bitcoin as world's single currency

Jack Dorsey believes that Bitcoin will become world's single currency in about 10 years. (Source: The Times)
Jack Dorsey believes that Bitcoin will become world's single currency in about 10 years. (Source: The Times)
Jack Dorsey believes that Bitcoin can take over all fiat currencies of the world in about 10 years, but before this could happen, the cryptocurrency needs to get over a few problems it is currently facing. Besides faster transaction times and lower fees, Bitcoin needs to stabilize the volatility and the mining cetralzation, plus it most likely needs solid regulations.

The general sentiment regarding fiat currencies across the world is that they are not that reliable anymore. Governments, national banks, federal reserves and banking empires all contribute to a supercentralized monetary system that favors only a small percent of the population. Cryptocurrencies were specifically created to break this centralized system and give back some of the financial power to a larger percent of the global population.

As the premiere cryptocurrency, Bitcoin seeks to enforce this decentralization and also expand the use of blockchain technologies. Of course, Bitcoin has a few downsides as well, like high volatility and centralized mining, which make it quite unsuitable for a world currency right now. However, with well-established financial adoption plans, regulations, a faster blockchain, and decentralized mining, Bitcoin could replace the major fiat currencies of the world in a matter of years. There are many voices that have already predicted this and the latest one to be heard loud and clear is that of Jack Dorsey, chief executive of Twitter and payment company Square.

Dorsey recently admitted in an interview for The Times that he is a big supporter of Bitcoin and has already made considerable cryptocurrency investments. In this respect, the Twitter CEO has participated in the recent funding round that raised US$2.5 million for Lightning Labs – the startup that launched the beta version of the Lightning Network for Bitcoin. This protocol layer is helping Bitcoin’s blockchain to perform faster transactions at considerably lower fees. Dorsey believes that Bitcoin needs to improve on the transaction speeds and fees in order to see an increased adoption, and this will ultimately lead to Bitcoin becoming the only currency used worldwide online and offline. The Bitcoin supremacy could occur in the next 10 years, according to Dorsey.

This contradicts a bit Twitter’s position regarding ICOs and cryptocurrency ads. Earlier this week Twitter representatives announced that it will ban all crypto ads, just like Facebook and Google. However, as most ICOs are based on Ethereum, so this will not really impact Bitcoin and its ties to Dorsey.

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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2018 03 > Twitter CEO foresees Bitcoin as world's single currency
Bogdan Solca, 2018-03-22 (Update: 2018-03-22)
Bogdan Solca
Bogdan Solca - News Editor
I stepped into the wonderous IT&C world when I was around 7. I was instantly fascinated by computerized graphics, be them from games or 3D applications like 3D Max. I like to keep myself up to date with all the new technologies that get released at an ever increasing rate these days. I'm also an avid SciFi reader, an astrophysics aficionado and, as of late, a crypto geek.