Dorsey Says Bitcoin Will Take over the World
Bitcoin will become the main global currency, predicted Jack Dorsey, CEO of Twitter and Square in an article in the London-based newspaper The Times. Square, a credit card swipe device and app that connects with phones and computers for online payment, also takes Bitcoin.
Dorsey, who calls Bitcoin “slow and costly,” said he plans to invest in Lightning Labs, a start-up with an open protocol layer to accelerate blockchain transactions. As CEO of Square, which allows users to buy and sell Bitcoin on its “Cash” app, Dorsey has seen the cryptocurrency reach a high of $20,000 per “coin” or share. The currency is now trading at $9,107
“The world ultimately will have a single currency, the internet will have a single currency,” Dorsey told The Times. “I personally believe that it will be bitcoin.” This would happen “probably over ten years, but it could go faster.”
Ironically, Dorsey’s other company, Twitter, is planning to ban cryptocurrency advertising by June because of unrealistic claims by dubious start-up companies to pump up Initial Coin Offerings. Some companies have already been shut down for promoting pyramid scheme-based sales.