Jack Dorsey, the brains behind Twitter and Square, has once again expressed his support for cryptocurrencies. In his most recent interview, Dorsey predicted that Bitcoin will be the only currency used for internet transactions in the coming 5-10 years.
Speaking with British publication The Times, Dorsey said that even with the value slump that Bitcoin has been experiencing for the past couple of months, he sees no discernible long-term problem for the crypto powerhouse. In his view, Bitcoin will not only make a comeback but also seep into the market to the point that it will be usable for facilitating everyday transactions such as buying a pack of cigarettes or a cup of coffee.
He went on to add:
The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin. While the shift may take place over a period of ten years, it definitely is a big possibility.
While Dorsey remains realistic and acknowledges that Bitcoin is still fairly expensive and slow in its overall functionality, such challenges can easily be sorted out as adoption of the currency increases globally. He went on to add that, with the amazing amount of innovation that is coming from within the blockchain sector, it is only a matter of time until someone designs a scalable platform that will help make the adoption process quicker and more efficient.
Dorsey’s vested interests
Just last week, Dorsey announced that he was investing in a startup called Lightning Labs. For readers who don’t know about this venture, Lightning Labs has developed an all-new “open-protocol layer” on top of the existing Bitcoin blockchain. It not only allows for faster transaction speeds but also helps maximize the efficiency of the various network nodes deployed by the system.
Additionally, Dorsey’s other big project, Square, allows users to trade Bitcoin using its Cash app. Not only that, Square was also one of the first platforms to facilitate real-time BTC transactions, but due to the volatility of Bitcoin, the service was short-lived.
Even though an endorsement of this sort has been welcomed by the crypto community at large, the fact that Twitter is planning to ban ICO and crypto ads is not only surprising but also very confusing.
Following Facebook and Google’s decisions to ban such ads, it will be interesting to see if Dorsey, a lifelong supporter of crypto, caves into federal pressure and blocks ICO-related ads from his social media juggernaut.