Twitter CEO Jack Dorsey believes that bitcoin (BTC) would be the only currency that the world would be using in 10 years time.
In a recent interview with the Times, Dorsey shared his belief that the “world ultimately will have a single currency, the internet will have a single currency.”
In his estimation, the development would potentially happen over the next ten years or even sooner. Many might say that’s quite optimistic timeline even if BTC does become the leading world currency, replacing the almighty American dollar.
All this discourse about cryptocurrency and BTC becoming a major currency isn’t new for Dorsey. In a separate interview with The Verge last August, he projected that blockchain would become the “next big unlock” and stressed that blockchain itself is not something with simple financial applications but that the ability to “distribute and decentralize the ledger enables proof of work, and proof of one entity, in an untrusted network. There are so many problems we can help solve [with blockchain] that are not just related to finance, but finance is an obvious one.”
Switching the world from thousands of different currencies to a single universal currency would prove to be a monumental shift not only in economic circles but also political policy.
While some nations like Japan, the United States, and the European Union completely accept the popular digital currency, other countries such as Bolivia and Cambodia have either discouraged or outright barred the cryptocurrency.
China permits private parties to hold and trade bitcoin but not financial institutions like banks. Because bitcoin is decentralized, nations therefore cannot technically shut down the bitcoin network or even amend how it works.
For Dorsey, he actually owns some amount of bitcoin and his other company, Square, just recently added the option to buy and sell bitcoin straight from the Square Cash app. Major online retailers such as Microsoft, Dell, and Newegg accept payments in bitcoin. However, because of soaring transaction fees and the relative high value of the currency, consumers may be reluctant to make purchases with bitcoin.
In spite of those difficulties, Dorsey believes they would eventually be hurdled and bitcoin would be used to purchase something as trivial as coffee.
