Twitter and Square CEO Jack Dorsey has had plenty to say about Bitcoin of late, but this is his most eye-catching statement so far.
According to the man with his hand on the tiller at Twitter, Bitcoin will eventually become a “single currency” for the world, and overtake the dollar in importance.
As reported by The Times, Dorsey was in London to promote another company he runs, the payments service Square, which has already committed to enabling its US users to buy and sell Bitcoin using its app. Aspart of that, Dorsey – a long-time investor and advocate of cryptocurrency – was quizzed on crypto, and spoke of his belief that eventually Bitcoin will be the main game in town.
“The world ultimately will have a single currency,” he told The Times’ reporter. “The internet will have a single currency. I personally believe that it will be Bitcoin.”
The shift to global acceptance of cryptocurrency would happen, he said “probably over ten years, but it could go faster”.
After recent falls in value, Bitcoin has rallied somewhat over the last few days, buoyed by guarded comments coming from the Buenos Aries G20 meeting that hint that financial authorities are going to leave the market be – at least until its share of global finance grows beyond its current, relatively small, 1% mark.
Dorsey’s cheerleading comments come after he was revealed to be an investor in Lightning Labs, a company with the stated purpose of providing technology that will make Bitcoin transactions quicker and cheaper. Its work looks to address on of the central problems with the world’s best-known cryptocurrency – the time it takes to process transactions, and the cost incurred by the mining that needs to be done to do it.
Dorsey describes current Bitcoin transactions as “slow and costly”, and admits bitcoin “does not have the capabilities right now to become an effective currency”.
He obviously believes that Lightning Labs can change that. At least enough to put some money behind his opinion.