Twitter CEO Jack Dorsey said that he believes that bitcoin will be the primary currency of the world within the next 10 years in a recent interview with The Times. The world and the internet will have a single currency he believes. Within the next 10 years, business leaders will be found supporting the cryptocurrency – Bitcoin. According to the opinion of Dorsey, bitcoin will be the ultimate single currency within 2028. He believes that there will be rise in the value of bitcoin within next 10 years, but it could rise even faster.
Recent Changes in Bitcoin
Bitcoin is the most popular cryptocurrency which recently experienced a great hype in the market. Cryptocurrencies are not regulated by any of the government agencies. Hence, it proves to be an anonymous way to store and transfer one’s wealth. But, some believes cryptocurrencies to be a bubble and refers it to be a way of hiding an illegal activity. In December 2017, the value of a single bitcoin was more than $19,000. In the year 2018, there are frequent changes and fall in its value because of issues regarding its regulation. From $19,000, it is now floating around $8,000.
What Dorsey believes about Bitcoin?
Dorsey is also the CEO of Square. He has always been a fan of bitcoin. So, the Square Cash App has been recently updated with a feature to buy and sell bitcoin. The company made and presented an illustrated video of children explaining the benefits of digital currency. Dorsey has always been in the support of bitcoin. Even when Twitter announced to ban most of the cryptocurrency ads from its platform, he still believes that bitcoin would be the primary currency of the world within the next 10 years. Even Facebook made a policy to ban all the cryptocurrency ads from its platform, Facebook CEO Mark Zuckerberg was also found taking interest in studying cryptocurrencies. Dorsey himself owns an unspecified amount of bitcoin.
According to Dorsey, bitcoin is not an effective currency currently, but it can become the primary currency of the world. The problem regarding bitcoin is that its mining requires a lot of time and money, as its mining requires a huge computing capacity. But, when more and more people will join bitcoin, these problems will no longer exist. Another approach towards bitcoin, other than blockchain will make it more accessible.
Lightning Labs
Dorsey actively participated for raising funds and made investment in Lightning Labs. Last week, Lightning Labs released the first version of mainnet Lightning network. Investors believes that this version is the most thoroughly tested version of the technology. This technology aims at creating a second layer protocol which helps in taking transactions of bitcoin off the chain (blockchain). It will help to reduce the load from main network and also increase the efficiency of it. Dorsey has involved in number of Bitcoin-related projects including Lightning Network. Not only Dorsey, but many other famous and public figures are found supporting bitcoin and making future predictions for it.
All these predictions and technologies which are mentioned above, are completely long-term. These predictions can fail anytime because of the regulations laid by different government agencies of the world. Also, social media giants have made policies on banning crypto ads.
