Twitter’s Jack Dorsey says Bitcoin will be the world’s only currency in 10 years

23 Mar

Twitter’s Jack Dorsey has made quite a prophecy: Bitcoin would be the single global currency of the internet in ten years.

The Silicon Valley entrepreneur told the Times that he predicted some form of cryptocurrency would become the world’s leading medium of exchange, beating the US dollar.

“The world ultimately will have a single currency, the internet will have a single currency,” Dorsey said. “I personally believe that it will be bitcoin.”

He conceded that today’s Bitcoin “does not have the capabilities right now to become an effective currency”, but new technologies that build off of blockchain will make it more accessible.

Last week, Dorsey made an investment in a company named Lightning Labs, which is currently developing a protocol layer above the bitcoin blockchain to speed up the transaction process and lower fees. Besides heading Twitter, Dorsey is also a CEO for mobile payment company Square, which recently added a feature that allows users to buy and sell Bitcoin directly.