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Bitcoin will be world's only currency in 10yrs: Twitter CEO
22 Mar 2018
Twitter CEO Jack Dorsey has said in an interview that bitcoin will become the world's "single currency" within the next 10 years.
"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin," he said.
Dorsey added that the transition would happen "probably over ten years, but it could go faster."
Dorsey is also CEO of pro-crypto mobile payment firm Square
Background
Notably, Dorsey is also the CEO of mobile payment company Square, which has recently rolled out a feature that allows users to buy and sell bitcoin directly from its Square Cash app.
Therefore, Dorsey's big vision for bitcoin doesn't come as a complete surprise.
In fact, Dorsey's interview happened as part of a promotional tour for Square.
Dorsey bets on bitcoin as the cryptocurrency of the future
Details
Square is also pushing cryptocurrency adaptation through an illustrated storybook for children that explains the benefits of digital currency in a simple manner.
Hopeful of the future of cryptocurrency, Dorsey said, "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."
Dorsey invests $2.5 million in cryptocurrency start-up Lightning Network
Context
Earlier too, Dorsey had described bitcoin as the "next big unlock" for the world of finance.
Further, Dorsey has also recently invested $2.5 million in a start-up called Lightning Labs that aims to speed up cryptocurrency transactions through an open protocol layer called Lightning Network.
The layer creates a secondary channel that shares only the batches of confirmed transactions on bitcoin's public ledger.
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