Bitcoin Will Be World's 'Single Currency' Says Twitter CEO

Jack Dorsey has said he believes bitcoin will take over the U.S. dollar as the world's primary currency in 10 years or less.

Mar 21, 2018 at 5:50 p.m. UTC
Updated Sep 13, 2021 at 7:43 a.m. UTC

Jack Dorsey, chief executive of Twitter and payment company Square, has spoken of his strong belief in the future potential of bitcoin.

In an interview with The Times published Wednesday, Dorsey, himself a noted bitcoin investor, said he believes the cryptocurrency will take over the U.S. dollar's dominant place in world finance and become the primary global currency for payments.

Suggesting the shift could happen in 10 years or perhaps less, the entrepreneur said:

"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”

While conceding that bitcoin is faced with scaling issues right now, making it "slow and costly," Dorsey nonetheless argued that new solutions will ease that difficulty in the end.

“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,” he said.

In fact, Dorsey is putting his money where his mouth is in an effort to bring about faster, cheaper bitcoin transactions.

Last week, CoinDesk reported that Dorsey had participated in a funding round that raised $2.5 million for Lightning Labs. The startup has notably just launched its beta version of the Lightning Network, a protocol layer built above the bitcoin blockchain to speed up the transaction process, as well as lower fees.

The investment followed Square's trial, announced last November, which allowed limited users to buy and sell bitcoin over its payment application, Cash App.

Following the test, Square is now offering the bitcoin service in the U.S. state of Wyoming, and is reportedly seeking for a so-called "BitLicense" to extend the option to New York.

Image via Flickr

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Sequoia's Guide to Surviving the 2022 Bear Market

Venture capitalists have gotten increasingly frantic over the last few months.

Venture capitalists have gotten increasingly frantic over the last few months.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Art Museums Are a Good Idea

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

CoinDesk - Unknown
3
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
4
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown