Twitter CEO, Jack Dorsey, told a UK newspaper that he believes bitcoin will be the single global currency within 10 years time. While many analysts are bullish on the blockchain technology that powers bitcoin, they’re usually less enthused about bitcoin itself. Dorsey speaking up for the cryptocurrency is definitely a boon for the bitcoin market, however, it should also be noted that Dorsey is financially involved with bitcoin; his Square payments app supports bitcoin, and he is also an investor in the team developing the Lightning Network which will boost the bitcoin network's capacity.
In an interview with The Times, Dorsey said:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.
Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry and we want to learn as quickly as possible.”
Discussing the development of bitcoin and the blockchain, he said:
“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.”
It’s fair to say that Dorsey’s view is particularly optimistic, while we will see bitcoin improve in terms of scalability and ease of access, bans in various countries around the world will likely mean it won’t be in use globally. The price fluctuations are also troublesome for those wishing to see bitcoin become used by the wider public.