Public currencies will no longer be imperative on the planet. This is the point of view, expressed by one of the most prominent Silicon Valley’s businesspeople Jack Dorsey.
Dorsey, who also is the CEO at social networking service Twitter as well as payment service Square, believes that not even dollar will run the world. Tomorrow is in BTC, said he, in accordance with The Times.
The Next Global Currency
It is no doubt that nowadays dollar plays the role of global payment method. However, this might change already in the following ten years, Jack Dorsey believes. And it will be substituted by a cyber-coin, in particular, bitcoin.
“The world ultimately will have a single currency; the Internet will have a single currency. I personally believe that it will be Bitcoin,” claimed Dorsey.
The businessperson made comments amid the news that BTC and other cyber coins were experiencing the price turmoil.
At the same time, the boss at Twitter believes in bitcoin in spite of the fact that currently there are solicitudes over its possibility to act as a currency. And that’s because of bitcoin’s scalability problem which doesn’t permit BTC users to enjoy speedy and not pricey operations.
Dorsey hopes, on the contrary, that bitcoin surmounts these hurdles, and within a decade, as it will turn around twenty years since bitcoin’s creation, it will be used to purchase everyday stuff like tea or chewing gums.
That will happen thanks to the broader adoption of BTC among people and expansion of second-layer solutions, said he, perhaps, referring to such developments as Lightning Network.
By the way, even earlier Dorsey sounded supportive towards BTC. For example, around a month ago he announced that Square was going to concentrate on the generation of more variants for dealing with BTC through Square’s Cash App.
Simultaneously, Dorsey called the idea a tech trend that would change the field of e-payments.