Twitter and Square CEO Jack Dorsey Jack Dorsey announced that Bitcoin will overtake the dollar in importance, becoming the single global currency of the internet within a decade.
In an interview with The Times, he stated that Bitcoin will manage “to overcome all current obstacles and will be used to buy everyday items such as coffee.”
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin. This would happen probably over ten years, but it could go faster,” he told The Times.
According to Dorsey, virtual currencies built using distributed ledgers would be the next big breakthrough decentralizing technology.
“As Bitcoin became more widely used, it was up to payment processing companies such as Square to make sure it was widely accepted,” he added.
Although Dorsey thinks that because of being slow and costly Bitcoin now doesn’t have the capabilities to become an effective currency, but “as more and more people have it, those things go away.”
He concluded that there are newer technologies that build off of blockchain and make it more approachable.
According to TechCrunch, Dorsey, who is a Bitcoin investor himself, this week contributed to a $2.5 million seed round for Silicon Valley based Lightning Labs, a start-up specialized in a technology that can make Bitcoin cheaper and faster to use.
In addition, Dorsey’s other company Square recently added the option to buy and sell Bitcoin directly from the Square Cash app. The company also released an illustrated children’s story touting the benefits of the digital currency.
Dorsey’s announcement is significant amid the news earlier this week that his Twitter is planning to ban cryptocurrency advertisements, joining other big advertising platforms like Facebook and Google.
As Sky News reported earlier, “Twitter will institute worldwide ban against ads for initial coin offerings, cryptocurrency wallets and token sales within the next two weeks. It might also ban ads for cryptocurrency exchanges with “some limited exceptions.”