Twitter and payment company Square’s CEO, Jack Dorsey, spoke out on his strong belief in bitcoin’s future potential.
Dorsey, who is himself a prominent bitcoin investor, said in an interview with The Times on Wednesday that he believes bitcoin will override the U.S. dollar’s dominant place in the global finance industry and become the main global currency for payments.
The CEO suggested that this major shift could happen in 10 years or less.
“The world will ultimately have a single currency; the internet will have a single currency. I believe that it will be bitcoin.”
Although Dorsey agrees that bitcoin is faced with a number of issues right now, making its growth “slow and costly”, he nonetheless argued that new solutions will surface and iron out the difficulties in the end.
Dorsey is positive that “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,”
Dorsey himself is, in fact, working towards introducing faster and cheaper bitcoin transactions.
Last week, CoinDesk reported that the Twitter CEO had participated in a funding project that raised an estimated $2.5 million for Lightning Labs. The startup has just launched the beta version of its pet project the Lightning Network, a technology that aims to help speed up transaction processes and provide lower fees.
The investment came after Square’s trial period, announced November last year, wherein they accepted payments to buy and sell bitcoin through Cash App, from a limited number of users.
After the trial period, Square now offers the bitcoin service in Wyoming, and is reportedly in talks for a “BitLicense” to extend the service to New York.
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