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Twitter CEO believes bitcoin will become the global currency in 10 years

/ 05:36 PM March 22, 2018

Image: INQUIRER.net Stock Photo

Twitter CEO Jack Dorsey feels confident that bitcoin will end up being the sole currency the world will ever need in 10 years’ time.

Dorsey believes bitcoin and other virtual currencies built on distributed ledgers are the next big breakthrough decentralizing technology. He said in an interview with The Times, “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”

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He adds that the transition will happen “probably over ten years, but it could go faster.”

Bitcoin experienced a meteoric rise in value in 2017 and peaked at nearly $20,000 (about P1 million). However, the crypto has since gone down and is currently valued at $8,965 as of writing.

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Dorsey admits that bitcoin still has weaknesses as a currency. “It’s slow and it’s costly,” he said.

But there’s a silver lining for the crypto. Dorsey adds, “As more and more people have it, those things [weaknesses] go away. There are newer technologies that build off of blockchain and make it more approachable.”

He believes bitcoin will one day be used to purchase everyday commodities like coffee.

As a bitcoin investor, Dorsey funneled funding to a new company called Lightning Labs. The start-up’s goal is to develop technology to make bitcoin cheaper and faster to use.

Dorsey also heads up payments company Square, which has laid out plans to let Americans buy and sell bitcoin on its Cash app.  Alfred Bayle /ra

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TOPICS: bitcoin, global currency, Jack Dorsey, Twitter
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