Twitter CEO, Mr. Jack Dorsey, said in an interview published today by the well-known British newspaper “The Times” that according to his predictions, Bitcoin will eventually dethrone the Dollar and the Euro from their position and become the most important currency worldwide.
He said he believes that the globalized world is pointing towards the adoption of a single currency. A feature that is easier for Bitcoin than for the traditional FIAT currencies over which the dollar has a preponderant position:
“The world ultimately will have a single currency; the internet will have a single currency. I personally believe that it will be bitcoin,”
According to the Twitter CEO, this paradigm shift will take some time: “probably over ten years, but it could go faster.” Such statements are conservative however especially when compared to the growth and adoption of Bitcoin over the same period, a figure that allows an even more optimistic interpretation when the behavior of the altcoins is added to the analysis, some of which have no more than 1 to 2 years of existence. Taking these numbers into account, in just one year, the global market cap went from 18.3Bn to 795.8Bn, a figure that according to reports has already exceeded the GDP of more than a hundred countries.
A transaction takes so much time mostly due to the current configuration of Bitcoin’s infrastructure, which has not adapted to the accelerated growth of demand, making Bitcoin a crypto that for the moment “does not have the capabilities right now to become an effective currency.”
“It’s slow, and it’s costly”, said Mr. Dorsey, “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,”
The well-known businessman has already set to work to solve this problem: According to reports, he has been one of the leading funders of Lighting Labs, the company behind the development of Lighting Network, a technology that would allow Bitcoin transactions to be made almost instantaneously with exceptionally low commissions and with the possibility of supporting atomic swaps between different currencies. Undoubtedly, Jack Dorsey not only visualizes the future, but he also builds it.
The vision of the Twitter CEO is especially interesting, considering the rumors that were spread this week suggesting Twitter might be vanishing advertisements related to cryptocurrencies. Everything seems to indicate that being true, but it would not be because of an aversion on the part of Twitter’s Board of Directors but rather for legal obligations and regulations the company will have to comply with.