Jack Dorsey, the founder and CEO of social media giant Twitter, has declared in an interview with The Times that Bitcoin is going to become the primary currency across the planet. “The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
Dorsey is a known investor in Bitcoin, and his payments company Square has beta tested Bitcoin transactions before. Currently, American users in Wyoming can use Square to pay in Bitcoin. The company is allegedly trying to get a license to allow New York customers to perform similar payments with the world’s oldest cryptocurrency.
This recent declaration seems to come off the back of the growing number of applications of blockchain technology. As Dorsey stated, “there are newer technologies that build off of blockchain and make it more approachable.”
However, Dorsey did admit that Bitcoin transaction speeds had become “slow and costly.” The Twitter boss is trying to find the solution though. He invested in a fund raising round for Lightning Labs, the company behind the Lightning Network which has shown some success in speeding up Bitcoin payments.