Jack Dorsey, CEO of Twitter and payment company Square says that Bitcoin will become the ultimate currency in future. Jack Dorsey is one of the most revered entrepreneurs in Silicon Valley.
Bitcoin is future
In his recent interview in London, Twitter CEO highly endorsed Bitcoin. He said that he believes Bitcoin could become the world’s leading currency within a decade — or perhaps even sooner. His exact words were:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin, probably over ten years, but it could go faster”.
Earlier, there were reports that Square has added support for simple Bitcoin trading into the firm’s popular Cash App. Furthermore, Dorsey has said that the company intends to add more Bitcoin-related functionality in the future. This has further led to speculations that Square may soon start handling Bitcoin payments or perhaps even launch a full-fledged cryptocurrency exchange.
Limitations of Bitcoin
Dorsey didn’t forget to mention the current drawbacks of Bitcoin transactions. He expressed that Bitcoin in its present state of development is not an “effective currency”. He said this because Bitcoin transaction has slow confirmation times and high transaction fees. However, he expressed optimism about technologies that will make Bitcoin payments more user-friendly and efficient in the near future.
“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) does not have the capabilities right now to become an effective currency”.
In fact, he told the public that he is one of the seed investors of Lightning Labs, a startup that is working on the above-mentioned issues. It is a company which is trying to make the transactions cheaper and faster to use. Earlier this month, Lightning Labs released lnd 0.4-beta, which is the first LN implementation to receive a beta release.