Twitter and Square's Jack Dorsey: Bitcoin Will Be World’s Single Currency
Twitter and Square CEO Jack Dorsey recently had some remarkably positive remarks about bitcoin. Predicting the future of finance, he suggested that the “father of cryptocurrencies” is likely to become the world’s only currency within the next 10 years.
Speaking with The Times, Dorsey stated:
The world ultimately will have a single currency. The internet will have a single currency. I personally believe that it will be bitcoin.
Dorsey’s optimism comes at a time when bitcoin and virtual money have been deemed “not that significant” by varying regulators. During Argentina’s recent G20 summit, several panel members stated their belief that it was not necessary to globally regulate cryptocurrencies just yet.
They did, however, request that affiliate countries submit their recommendations for regulation by this coming July, so, while advocates of bitcoin may not see changes to the cryptocurrency infrastructure in the immediate future, that could change as early as this summer.
Still, cryptocurrency was a large topic at this year’s summit, and many agreed that for now, things would remain as they are.
Even longtime opponents like the Bank of England’s Mark Carney ultimately changed their sentiment. Carney, who has long discussed concerns of illicit activities surrounding virtual money, published a letter on the eve of the summit’s start explaining that cryptocurrency did not pose serious risks to the financial industry, as it only accounted for a small percentage of current transactions.
Right now, Dorsey doesn’t feel bitcoin is strong enough to take over the financial market, nor does he feel it has what it takes to serve as an “effective” currency, calling it “slow” and “costly” during his interview. He is leaving it to payment processing companies, like his own Square, to make bitcoin more acceptable to businesses.
Additionally, he has stated there are “newer technologies” emerging that build off the blockchain which should make bitcoin more accessible to the public in the long run.
Dorsey says that most modern-day bitcoin holders aren’t interested in spending their coins or using them to buy goods or services. Rather, they’re seeking to hang on to them for as long as possible to see how high they can spike in value. This, combined with the currency’s volatility, high transaction fees and low merchant adoption rate has prevented the currency from achieving all it can.
But Dorsey is confident that bitcoin will someday be used for everyday purchases, from cups of coffee to haircuts.
“We see it as a long-term path toward greater financial access for all,” he explains.
Dorsey has previously gone on record to describe bitcoin as the “next big unlock” for global finance, and his company, Square, released an illustrated children’s book discussing the advantages of cryptocurrency.
Twitter recently made headlines when it announced that it would be following in the footsteps of Facebook and Google by banning cryptocurrency and ICO-related ads. The social media giant is allegedly joining the fight to prevent scammers and fake companies from having their time in the limelight, thus paving the way for bitcoin’s legitimacy. The price fell nearly $700 soon after, though it quickly rebounded.