Twitter co-founder and CEO Jack Dorsey predicts Bitcoin will be the “single currency” of the world within 10 years. In an interview with The Times of London, the Silicon Valley entrepreneur touted cryptocurrencies as the preferred money in the future.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin,” Dorsey told The Times of London on Wednesday. Dorsey added that the switch to Bitcoin as the primary currency could happen “probably over ten years, but it could go faster.”
It should be noted that Mr. Dorsey has some skin in the cryptocurrency game. Dorsey is the chief executive of crypto-friendly mobile payments company Square. Dorsey also invested in a company called Lightning Network last week, which is a start-up “second layer payment protocol that operates on top of a blockchain.” Dorsey was part of a $2.5 million seed financing round in Lightning Labs, which hopes to make Bitcoin transactions more efficient.
Oddly enough, Twitter is reportedly going to ban cryptocurrency ads. Following in the footsteps of Facebook and Google, Twitter is allegedly going to prohibit advertisements for cryptocurrencies, initial coin offerings (ICOs), token sales, and cryptocurrency wallets.
This comes at a time that Bitcoin has hit a rough patch and the price has dropped below $9,000. The most recent slump by Bitcoin is caused by reports that Japan’s Financial Services Agency plans to issue a warning against the Hong Kong-based cryptocurrency exchange Binance for operating in the nation without registration. At the time of publication, Bitcoin was at $8,641.55.
In September, JPMorgan CEO Jamie Dimon said that Bitcoin is a scam only useful for drug dealers, murderers, and North Korea. Then two months ago, Dimon walked back his comments and said he regretted calling the cryptocurrency a scam. Check out John Oliver attempting to explain cryptocurrencies by using Beanie Babies.