Twitter and Square CEO Jack Dorsey recently predicted that bitcoin will become the world’s “single currency” in only 10 years, according to The Times of London. Dorsey, one of Silicon Valley’s most respected entrepreneurs, is a well-known bitcoin supporter.
While in London to promote his digital payments company Square – whose Cash app allows users to buy and sell bitcoin – Dorsey made his bullish statement. He said that “the world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
Per his views, bitcoin would become the leading currency in 10 years, but it could happen faster. The cryptocurrency has been growing at an impressive pace. Last year, it surged from little under $1,000 to over $19,000 in December, before its price started falling. At press time, one bitcoin is trading at $8,960, according to data from CryptoCompare.
Dorsey’s support for bitcoin goes beyond integrating the cryptocurrency in Square’s Cash app. The CEO has also been a part of a $2.5 million seed financing round in Lightning Labs, a start-up developing technology that allows bitcoin transactions to be more efficient.
Speaking to the times, the entrepreneur revealed that payment processing companies like Square need to help increase bitcoin’s adoption, but claimed the cryptocurrency is not yet ready to “become an effective currency.”
"It's slow and it's costly, but 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."
The entrepreneur’s company Twitter is set to ban cryptocurrency-related ads in two weeks. Other internet giants, including Google, Snapchat and Facebook, have announced similar moves. These are believed to be part of a wider crackdown on scammers using social media to trick cryptocurrency users into sending them money.