Twitter is one of the biggest and most powerful social media platforms in the world. Its CEO – Jack Dorsey – has a reputation for smart investments, with his innovative payment service Square certainly proving that. His latest statements are sure to please those within cryptocurrency circles, as he’s backed Bitcoin to become the world’s single currency within the next decade.
Climbing to the very top
During an interview with The New York Times, Dorsey went out a limb and threw his weight behind Bitcoin reaching its maximum potential. Although, he does feel that it will take time for Bitcoin to climb to the very top and become the world’s dominant currency. “[Bitcoin’s rise] will probably occur over ten years, but it could go faster”, he said. Dorsey does believe that Bitcoin becoming the world’s single currency is just a matter of time though, “The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
Keeping things Square
Square is Dorsey’s latest project. The emerging financial services company is certainly generating momentum, as it’s consistently looking forward. Just last month, Dorsey said that he saw Bitcoin as a big part of Square’s future, especially with regards to the brand’s Cash App. Labeling it as a “transformation technology for our industry”, it’s clear that he sees big things in a Square-Bitcoin relationship. However, Dorsey has revealed that Bitcoin in its current state doesn’t have the power to become a functional currency, namely for day-to-day use. 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.”
The scalability solution
When it comes to Bitcoin’s scalability issues, the solution might be on the horizon. Dorsey, along with other key payment platform developers, will be hoping that the Lightning Network emerges unscathed from its recent beta testing. Participating in the recent $2.5 million seed finance round with the likes of Litecoin creator Charlie Lee, it’s clear that the Lightning Network could hold the key to Bitcoin’s future. Lightning Labs – leading Lightning Network developer – has made strides when it comes to Lightning Network implementation. As we’ve reported here at BitStarz, the Lightning Network has the power to make Bitcoin a functional day-to-day currency, allowing for free and instantaneous transactions.
Bitcoin’s single currency potential!
Bitcoin certainly has an exciting future, so it’s great to see names like Jack Dorsey come around to the leading cryptocurrency’s potential. With the Lightning Network making tremendous strides, we don’t think that his belief in Bitcoin becoming the world’s single currency is as crazy as it sounds!