Twitter CEO Jack Dorsey has gone on record with his most daring support of Bitcoin yet, saying it will become the world’s “single currency.”
Dorsey: ‘That currency will be Bitcoin’
Speaking to the Times while in London promoting his pro-crypto payment platform Square, Dorsey said a global “shift” towards cryptocurrency could happen sooner than 2028.
“The world ultimately will have a single currency, the internet will have a single currency,” he said, adding “I personally believe that it will be Bitcoin.”
His comments strike a contrast with current sentiment amid rumors Twitter will shortly follow in the steps of Facebook and Google to ban cryptocurrency advertisements.
Sky News reported March 18 citing unknown sources that Twitter’s new advertising policy “currently stands to prohibit advertisements for initial coin offerings (ICOs), token sales, and cryptocurrency wallets globally” and could take effect as early as April.
“Bitcoin will overtake the dollar in importance as it becomes the single global currency of the internet within a decade” – Jack Dorsey#Agreed #bitcoin
– Bitcoiner (@AnselLindner) March 21, 2018
Dorsey’s empire continues Bitcoin journey
Dorsey himself also admits that in its present state, Bitcoin does not fulfil his prerequisites for transactions, describing them as “slow and costly” despite recent huge reductions in both fees and waiting times.
Last week, Dorsey revealed he was one of the investors in a $2.5 million seed funding round for Lightning Labs, a startup which released the first Lightning Network mainnet beta product Lightning Daemon.“As more and more people have it, those things go away,” he said about Bitcoin’s current network challenges.
There are newer technologies that build off of blockchain and make Bitcoin more approachable.
Unlike Twitter, Dorsey’s Square meanwhile is ramping up interaction with Bitcoin, rolling out payment functionality to all its users.
Only account holders in three US states – Georgia, New York and Hawaii – are barred for regulatory reasons, with New York residents soon to come on board thanks to Square’s BitLicense approval.