Twitter CEO, Jack Dorsey says "฿itcoin will be the world’s ‘single currency’ in 10 years."

Twitter CEO, Jack Dorsey has been an active voice in the cryptocurrency community. While he is an influential voice in the world of technology due to his role as the Twitter CEO, he is also the CEO of Square, a mobile payments services company which recently added the ability to buy and sell ฿itcoins on their Square Cash app. In recent interview, Jack Dorsey stated that he holds a firm belief that ฿itcoin will become the global ‘single currency’ in the next ten years.

Jack Dorsey has been an active ฿itcoin advocate in the past and continues to voice support for the cryptocurrency and its future. He gave this statement in an interview with The Times, where he expressed his belief that ฿itcoin is indeed going to become the ‘single currency’--a currency token accepted all around the world.

According to Jack Dorsey, “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be ฿itcoin.” He went on to say that the transition would happen “probably over ten years but it could go faster.”

While Jack Dorsey is among many other eminent names such as Peter Thiel who believe that cryptocurrencies are going to change the world, these latest claims seem rather outlandish. While theoretically, ฿itcoin can become the ‘single currency’ of the world, but going by the way the past few months have been--as prices have been extremely mercurial--falling from $19,000 to $6,000 in a matter of months.

Jack Dorsey has been advocating ฿itcoin for a long time now. In an earlier interview with The Verge, he had stated that ฿itcoin is the ‘next big unlock’ for the world of finance. Jack Dorsey’s Square Cash app too, deals in ฿itcoins now. Square recently released an illustrated children’s book explaining benefits of digital currencies.

Predictions such as these help build a positive sentiment around cryptocurrencies -- and help the prices to rise. It is a very strong statement from a very influential man in the tech world. This statement is very likely to have an impact on ฿itcoin prices in the short run. Cryptocurrency experts have predicted ฿itcoin prices to bounce back later this year and reach a high of as much as $25,000!

Stay tuned for more cryptocurrency news updates.

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฿itcoin Will Be World's "Single Currency" Says Twitter CEO, Jack Dorsey

Jack Dorsey, chief executive of Twitter and Square payment company has spoken of his strong belief in the future potential of ฿itcoin.

In an interview with The Times published on Wednesday, Jack Dorsey himself, a noted ฿itcoin investor, said he believes the cryptocurrency will take over the U.S. dollar's dominant place in world finance and become the primary global currency for payments.

Suggesting the shift could happen in 10 years or less, the entrepreneur said:

"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be ฿itcoin."

While conceding that ฿itcoin is faced with scaling issues right now, making it "slow and costly," Jack Dorsey nonetheless argued that new solutions will ease that difficulty in the end.

"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," he said.

In fact, Jack Dorsey is putting his money where his mouth is in an effort to bring about faster, cheaper ฿itcoin transactions.

Last week, CoinDesk reported that Jack Dorsey had participated in a funding round that raised $2.5 million for Lightning Labs. The startup has notably just launched its beta version of the Lightning Network, a protocol layer built above the ฿itcoin Blockchain to speed up the transaction process, as well as lower fees.

The investment followed Square's trial, announced last November, which allowed limited users to buy and sell ฿itcoin over its payment application, Cash App.

Following the test, Square is now offering the ฿itcoin service in the U.S. state of Wyoming, and is reportedly seeking for a so-called "BitLicense" to extend the option to New York.

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