Jack Dorsey, the Chief Executive Officer of Twitter and Square, professed his belief in the future of bitcoin in an interview with The Times of London.
In the interview, Dorsey spoke about the likelihood of there being a single world currency, and more specifically a single internet currency. He believes that this currency will be Bitcoin.
“The world ultimately will have a single currency; the internet will have a single currency. I personally believe that it will be bitcoin.”
Dorsey also said that bitcoin’s rise to becoming the singular universal currency will occur “probably over 10 years, but it could go faster.”
He cited the scaling issues as an obstacle that bitcoin would have to conquer. Currently, bitcoin transactions can take significantly longer and cost more to process than some of its competitors, but Dorsey is not concerned by this.
In regard to the scaling issues, Dorsey says "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 is no surprise that Dorsey feels strongly about the future of bitcoin, as he recently participated in a fundraising round that raised $2.5 million for Lightning Labs. The company created a protocol layer to increase the speed and efficiency of bitcoin transactions, which is referred to as the Lightning Network.
Dorsey’s optimism may partially stem from Square’s recent success in the cryptocurrency markets. Square recently ran a successful trial that allowed users to buy and sell bitcoin using its payment application, Cash App. Also, a recent survey found that more than half of retailers using Square’s technology to process payments would accept bitcoin as payment if it was offered through the current software.
Dorsey’s support of bitcoin comes after Twitter formally announced that it would ban most cryptocurrency adds on its platform.