Billionaire Founder/CEO of Twitter and Square, “Bitcoin will replace the Dollar”
$BTCUSD, $TWTR, $SQ
Twitter (NYSE:TWTR) CEO Jack Dorsey predicted that Bitcoin (BTCUSD) will eclipse all the world’s currencies in about 10 years .
But the newly nominated new head of the New York Federal Reserve disagrees.
In a speech Friday, the current San Francisco Fed President John Williams laid out a case for why cryptocurrencies, the most prominent of which is Bitcoin, cannot replace fiat (paper) money.
Like some others who question Bitcoin’s usefulness as a currency, Mr. Williams noted that cryptocurrencies are volatile, making it difficult to pay the correct price for an item.
And, while the world’s central banks try to stabilize the economy at times by either increasing or decreasing the amount of cash circulating, Bitcoin has a fixed supply at 20-M.
“Cryptocurrency doesn’t pass the basic test of what a currency should be,” he said.
Still, many entrepreneurs are hoping to address the shortcomings of using cryptocurrency.
Recently, a project seeking to keep the price of a cryptocurrency at $1, dubbed Basis, raised $133-M in VC (venture capital) funding.
Its creator, Nader Al-Naji, added that he was uncomfortable spending Bitcoin, because he thought it could rocket up to a much higher value.
Currently, Bitcoin is trading at: $8,849.52, -86.20, or -0.96%, as of 2:43a BST, the market open.
Billionaire Twitter CEO Dorsey has said he personally thinks Bitcoin will be used as Money.
“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin,” Mr. Dorsey said in March.
That comes as critics and proponents alike debate over the status of cryptocurrency and how to regulate it, even as it grows harder to include all digital assets into just 1 category.
Cryptocurrency has undergone a huge expansion in recent years, with entrepreneurs creating cryptocurrencies to raise funds or even just for fun.
So, while they are considered commodities by the Commodity Futures Trading Commission (CFTC), many are also thought to be securities that grant their owners a share of an underlying company or project.
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