Volatility may rule the day as regulatory uncertainty divides analysts on what will come next for cryptocurrency, but according to Twitter CEO Jack Dorsey, 10 years from now—or less—bitcoin is likely to emerge as the world’s only currency.
Everyone knows Dorsey, also the CEO of Square, is a raging bitcoin bull, but he’s taken things one step further in a Wednesday interview with The Times in his biggest endorsement yet.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey told The Times.
And while Dorsey says that bitcoin “does not have the capabilities right now to become an effective currency”, he defines “ultimately” as “probably over ten years, but it could go faster”.
Bitcoin may be struggling with scaling and approachability issues that are slowing it down, 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’s not the first time Dorsey has endorsed bitcoin generously.
In an earlier interview with The Verge, he called the original cryptocurrency—and its underlying blockchain technology, the “next big unlock” for global finance. Related: Trump Hits China With $50 Billion In Tariffs
But before rushing out to buy bitcoin on the eve of its world domination tour, investors will be noting that Dorsey’s comments come amid a promotional tour of his own, for Square, Inc. (NYSE:SQ), which recently dropped hints that it may try to rival the biggest crypto exchanges on the market, like Coinbase and Kraken.
With talk on Wall Street already comparing Square to “Amazon in the early days,” Dorsey has every reason to endorse bitcoin with a renewed vigor.
Square is working to do just what Dorsey says bitcoin needs: make transactions cheaper and faster.
Last November, Square held trials allowing users to buy and sell bitcoin using the company’s Cash App, which already has 7 million users. Now, Square is offering the bitcoin service in Wyoming and eyeing licenses in other states, with New York on the top of its list.
Square is taking the mobile payments segment by storm—so far--so many will be forgiven for buying into the bitcoin endorsement.
By Michael Kern for Safehaven.com
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