Jack Dorsey, “Bitcoin Will Be the World’s Single Currency”
$BTCUSD , $TWTR, $SQ
Twitter (NYSE:TWTR) and Square (NYSE:SQ) CEO Jack Dorsey recently had very positive remarks about Bitcoin.
He predicted the future of finance, suggesting that the “father of cryptocurrencies” is likely to become the world’s only currency within the next 10 years.
Mr. Dorsey declared: “My optimism comes at a time when bitcoin and virtual money have been deemed “not that significant” by varying regulators. During Argentina’s recent G-20 summit, several panel members stated their belief that it was not necessary to globally regulate cryptocurrencies just yet.
They did request that affiliate countries submit their recommendations for regulation by this coming July, so, while advocates of Bitcoin may not see changes to the cryptocurrency infrastructure in the immediate future, that could change as early as this Summer.
Still, cryptocurrency was a large topic at this year’s summit, and many agreed that for now, things would remain as they are.”
Longtime opponents like the Bank of England’s Mark Carney have recently changed their sentiment. Mr. Carney published a letter on the eve of the Summit’s start explaining that cryptocurrency did not pose serious risks to the financial industry, as it only accounted for a small percentage of current transactions.
Currently, Bitcoin is trading at: 8,965.585, -104.32 or -1.15%, as of 12:46a GMT, the market is open.
As it is now, Mr. Dorsey does not feel Bitcoin is strong enough to take over the financial market, nor does he feel it has what it takes to serve as an “effective” currency, calling it “slow” and “costly” during his interview. He is leaving it to payment processing companies, like his own Square, to make Bitcoin more acceptable to businesses.
Further, Mr. Dorsey says there are “newer technologies” emerging that build off the blockchain which should make Bitcoin more accessible to the public in the long run.
As it is today, most Bitcoin holders aren’t interested in spending their coins or using them to buy goods or services, as they are seeking to hang on to them for as long as possible to see how high they can rise in value, they are either investing of speculating depending on how the asset is approached from the risk/reward outlook.
This, combined with the currency’s volatility, high transaction fees and low merchant adoption rate has prevented the currency from achieving all it can.
Mr. Dorsey is confident that Bitcoin will someday be used for everyday purchases, from cups of coffee to haircuts.
“We see it as a long-term path toward greater financial access for all,” he said.
Mr. Dorsey has previously gone on record to describe bitcoin as the “next big unlock” for global finance, and his company, Square, released an illustrated children’s book discussing the advantages of cryptocurrency.