The CEO of Twitter, Jack Dorsey, has today outlined his belief in the potential of the world’s leading cryptocurrency, identifying bitcoin as a likely candidate for a single global currency in future.
Dorsey, who also serves as CEO at payments firm Square and is known to have significant holdings in cryptocurrency, suggested bitcoin would overtake the US dollar as the primary global currency, across both the financial system and international payments.
Offering a timeline of around a decade for the crossover, Dorsey said the unique properties of bitcoin made it a prime candidate for becoming the foremost global currency.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
While quick to accept the limitations of the bitcoin blockchain in its current form, including scaling issues around transaction speeds and costs, he reiterated a belief that solutions would ultimately be found, to enable bitcoin to become the global currency of choice.
“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 news comes as the latest in a series of high profile endorsements of bitcoin, and the cryptocurrency’s future potential in international finance and payments.
A notable bitcoin enthusiast, the move comes just days after Dorsey took part in a $2.5 million funding round for Lightning Labs, the startup team behind the development of the Lightning Network.
Widely regarded as a potential solution to transaction processing speed and volume requirements, the Lightning protocol layer could lead to Dorsey’s envisaged end result for bitcoin.
Dorsey’s Square has previously taken part in trials with the Lightning Network, dating back to November last year, which allowed transactions on its Cash App payments application for a limited number of users.
As a result, Square is now thought to be applying for a BitLicense to roll out the service in New York, as well as making the system available for users in Wyoming.
Dorsey’s bullish outlook on bitcoin is unsurprising given his previous support for embracing the emerging technology. Bitcoin investors will be hoping his predictions turn out to be accurate in the medium term.