Twitter and Square CEO Jack Dorsey is betting big on Bitcoin. This week he’s in London to promote Square, and during an interview to The Times publication of UK he shared his views on the type of growth that Bitcoin may see in future. He said that Bitcoin may become world’s leading currency in a decade – or may be even sooner if its current limitations are fixed. He said:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin. (It would happen) probably over ten years, but it could go faster.”
However, at the same time he also added that currently Bitcoin doesn’t have the potential to become an “effective currency” as it’s “slow and costly”. However, he said optimistically that these limitations may not exist in future and Bitcoin may become more user-friendly overtime:
“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.” (It) does not have the capabilities right now to become an effective currency”.
It’s worth noting that Jack is also putting his money where his mouth is. His company’s popular Cash app recently added support for simple Bitcoin trading, and during the interview he also revealed that more Bitcoin-friendly functionality may be added soon. This has fueled the rumors that Square may start handling Bitcoin payments soon, or maybe even launch its own full-fledged cryptocurrency exchange at some point in future. Currently Square is offering Bitcoin service in US state of Wyoming, and is also seeking a “BitLicense” for extending this service to New York.
As far as “new technologies that can make Bitcoin more approachable” are concerned, Dorsey has his hands involved in some of those technologies as well. For example, he recently invested in Lightning Labs, a firm that allows users to open off-blockchain Bitcoin payment channels to speed up the transaction process significantly. The firm has developed a protocol layer that operates above the Blockchain layer of Bitcoin to facilitate instant payments at significantly lower transaction fees.
So as of now Dorsey has his involvement in a number of Bitcoin-related projects. However, at the same time his other company Twitter has been planning to put a complete ban on cryptocurrency advertising. It will be interesting to see what comes first from his companies – an advertising ban or some new Bitcoin product/service.