Twitter CEO and cofounder, Jack Dorsey, is betting big on Bitcoin. The man behind the payments company Square, has gone on record with his most daring support of the cryptocurrency.
Speaking to the Times while in London, he said that the globe is shifting towards digital currencies.
And will ultimately have a single currency, which Dorsey personally believes will be Bitcoin. Though he did acknowledge that Bitcoin does not currently have the capabilities to become an effective currency, but that is something that could change in the near future.
“The world ultimately will have a single currency. The internet will have a single currency. I personally believe that it will be bitcoin. It would happen probably over ten years, but it could go faster.”
On the current state:
“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.”
Dorsey has become increasingly involved in cryptocurrencies lately.
It was in January that Cash, the mobile payments app that Square has launched, began offering buying and selling Bitcoin in most states. He was also part of a $2.5 million seed funding round last week for Lightning Labs, a startup that wants to make Bitcoin transactions more efficient.
At the moment, though, Bitcoin is facing a number of hurdles, amid calls for regulations.
These events have been pushing its trading price down.
It is currently trading at $9,133, down from the highs of over $19,000 back at the end of December.