Jack Dorsey Sees Big Things Ahead For Bitcoin

The co-founder and CEO of Twitter, Jack Dorsey, has made a bold and dramatic prediction on the future trajectory of Bitcoin, saying that he expects the cryptocurrency to eventually become the world’s single currency. In an interview with British newspaper The Times, Dorsey said, "the world ultimately will have a single currency, the internet will have a single currency, I personally believe that it will be Bitcoin." Dorsey also said that he believed this process would take “probably over ten years but could go faster.” Dorsey's remarks add to a number of tech industry leaders and luminaries who have openly expressed their huge confidence in the future prospects of Bitcoin. The Winklevoss twins, dubbed the first crypto-billionaires have said that they even expect Bitcoin to replace gold, and its price to multiply in value by 40 times to $320,000. Speaking to CNBC in February earlier this year, Tyler explained the rationale behind his enormous optimism:

“Cryptocurrencies aren’t really important for human-to-human transactions... but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and Ethereum. They are not going to open bank accounts at J.P. Morgan. Those were invented by bankers before the internet existed. Trying to use them as payments or money on the internet is a square peg in a round hole at best.”

Dorsey's comments were made while he was in London promoting his payments service company Square, which has integrated Bitcoin within its operations allowing users to buy and sell the cryptocurrency through the Square platform. Dorsey's confidence in Bitcoin isn't just talk - he has put his money where his mouth is, joining an investment consortium that has injected $2.5 million into a San Francisco-based startup called Lightning Labs. The company is focussed on developing ways to speed up blockchain transactions while also making them more cost-efficient.