Twitter CEO and co-founder Jack Dorsey claims Bitcoin will emerge as a globally accepted single currency within the decade. In an interview with The Times, he said “The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
He said that it would happen “probably over ten years, but it could go faster.”
While he recognizes that the technology behind the cryptocurrency has yet to be ready for global use, he believes that improvements will be made in the future to scale it for such. These innovations would allow cheap and instant payments for small items. He explains, “It’s slow and it’s costly, but 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.”
Last week, Dorsey donated personal funds to such developments, making him one of several who provided a $2.5 million investment in Lightning Labs to continue working on the Bitcoin scaling project known as the Lightning Network.