Jack Dorsey, founder, and CEO of Twitter, as well as the payments company Square, has the opinion that bitcoin will become “world’s single currency” in the next ten years. In an interview with The Times, Dorsey conveyed his optimism for the cryptocurrency saying:
“The world ultimately will have a single currency; the internet will have a single currency. I personally believe that it will be bitcoin.”
Dorsey was recently in London where he was promoting Square which was introduced to U.K. customers last year. The payments company which is fully functional in the U.S. allows customers to buy and sell bitcoins through its app. While at London, Dorsey spoke with The Time and said that the cryptocurrency currently doesn’t have the “capabilities” to be used as an “effective currency,” however in the next ten years, or perhaps sooner, things are likely to change.
Currently, one of the major problem posing as a hurdle in the path of the digital currency is all the new regulatory laws passed by governments. Following every regulatory step, we see that the prices of bitcoin fall as users start selling them off.
However, Dorsey is of the opinion that all these legal and regulatory issues are not the main problem and once have been settled, the real challenge to make bitcoin viable for everyday purchase will be to make bitcoin transactions cheaper and faster. Now the Twitter CEO points out that the Lightning Network, allows payments to be made off-chain enhancing its affordability and enabling quicker transactions; ergo solving the potential bottleneck problem of bitcoin.
“[Bitcoin] is slow and it’s costly, but as more and more people have it, those things go away,” said Dorsey. “There are newer technologies that build off of blockchain and make it more approachable.”
Dorsey recently made a $2.5 million investment in Lightning Labs, the startup behind the Lightning Network. This is also his first investment in a digital currency company which shows his growing interest in the sector.