Jack Dorsey, the CEO of both Twitter and Square, said in an interview with the Times of London there will be one single world currency within the coming decade. And he believes that universal currency will be bitcoin. His comments came in the face of a downturn in the larger crypto markets and massive FUD predicting bitcoin’s imminent demise.
“It’s [the bitcoin network is] slow and it’s costly,” Mr. Dorsey said, “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,” the Times of London reports.
Mr. Dorsey, 41, is a billionaire at least four times over, and is considered something of a guru in the technology space. He was instrumental in establishing the micro-blogging platform Twitter. With over 300 million users,the San Francisco-based social networking mega-site has proven itself over its short 10 year lifespan to be a solid space where ideas are born and tested, especially for the cryptosphere.
“Bitcoin does not have the capabilities right now to become an effective currency,” Mr. Dorsey explained the “world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” expecting this to take place “probably over ten years, but it could go faster.”
Mr. Dorsey is also CEO of Square, Inc., San Francisco-based point of sale platform as well. Square allows for instant person-to-person commerce within the US, Australia, Canada, Japan, and the United Kingdom. The popular smartphone app announced last month it would launch an in-app bitcoin buy and sell option. “We support bitcoin because we see it as a long-term path towards greater financial access for all — This is a small step,” Mr. Dorsey stated. The move has excited to merchants who have said they’d accept Square. Square is also reportedly launching an instant deposit service. After about 20 minutes, merchants can access funds in their accounts, making cashflow much easier for smaller businesses.
Mr. Dorsey isn’t a passive bitcoin investor. He participated in a seed funding of $2.5 million USD for Lightning Labs, hoping to help power bitcoin core beyond its recent headaches of congestion and fees. In the HODL versus currency bitcoin debate, Mr. Dorsey seems to reside right in the middle.
With this powerful prediction from such an influential source; the fate of bitcoin seems more stable. But, did it take Mr. Dorsey’s preditction to bring bitcoin into the mainstream? Perhaps not, but, as more power players from the fiat world joining and supporting the cryptosphere bitcoin and its brethren certainly have become more solid in the world of traditional money. And, that is what helps the crytposphere to grow.
With last year’s explosive growth due to Wall St. interest and a bit more press than usual there are now far more people using bitcoin and the other crytpos. And, now that the fad of the “bitcoin investment” has subsided, we can get back to the reality of the beloved coin; as a currency. From the beginning, the White Paper written and published in 2008, Satoshi himself stated “bitcoin is a decentralized currency and payment platform”. Those who use bitcoin for that purpose have never been disappointed.
Will bitcoin become the world’s singular currency? It may, or may not, that remains to be seen. What is true though is that the creation of bitcoin has freed millions around the globe from the financial slavery of the past, from the banks and traditional fiat currencies, from geographical limitation on commerce, in a way that fiat platforms never could. That capability alone certainly leads us to forsee the possibility of bitcoin as the single world currency; or, as the predecessor of that worldwide payment platform. And, that was the point from the very beginning of its creation.