Twitter CEO: Bitcoin Will Become the World’s Primary Currency
The CEO of Twitter, Jack Dorsey, believes that Bitcoin will become the world’s single currency – but not in its current form.
A Long Way to Go
Speaking to The Times on Wednesday, Dorsey said that Bitcoin would ultimately usurp the US dollar in terms of global dominance, becoming the world’s single currency.
The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.
However, he also noted that in its current state, Bitcoin is nowhere near ready to step up to this challenge.
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.
Perhaps this is why he has invested heavily in a funding round for lightning labs, whose stated ambition is to lower BTC transaction fees and increase the speed using the lightning network. It should also be noted that there is further vested interest or Dorsey, as he is reported to be a private BTC investor as well as a startup supporter.
In the midst of this, however, Twitter has announced that it will be taking steps to block all advertising related to ICOs in the near future. This follows in the footsteps of fellow social media giants, Facebook. It remains unclear as to whether Dorsey is a supporter of blockchain startups that don’t feed into Bitcoin or not.
Do you agree with Dorsey? Will BTC take over the world as the dominant currency? Let us know your thoughts in the comments section.