Twitter CEO foresees Bitcoin as world's single currency
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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.