Jack Dorsey, the Twitter CEO says Bitcoin will replace US Dollar, as he also mentions that the cryptocurrency-pioneer can become the primary global currency for payments. What else did the Chief executive of the payment company Square say?
22 March, AtoZForex – The Chief Executive of Twitter and payment company Square, Jack Dorsey, has discussed the future potential of the most popular cryptocurrency, Bitcoin, with the public. In fact, he has made it clear that he believes that pioneer cryptocurrency has a bright future in the financial world.
Twitter CEO Says Bitcoin Will Replace US Dollar
Additionally, Jack Dorsey has stated that he is a Bitcoin investor himself. He noted that he believes this cryptocurrency has a potential to take over the US dollar’s place in the financial world. Mr. Dorsey has also stated he believes that Bitcoin can become the primary global currency for payments.
Talking about 10 years in the future, Mr. Dorsey has stated:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
In addition, he has admitted that Bitcoin is now facing a number of scaling issues, which makes it “slow and costly.” Nevertheless, he argued that new solutions can resolve these difficulties in the end. He has stated:
“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.”
Jack Dorsey Contributes to Bitcoin Development
As a matter of fact, Mr. Dorsey has contributed to the effort to bring better Bitcoin transactions to the world. He has taken part in a funding round that was able to raise $2.5 million for Lightning Labs. The startup has been launched its beta version of the Lightning Network, which is a protocol layer built above the Bitcoin Blockchain to speed up the transaction process. It also aims to lower fees.
Mr. Dorsey’s investment took place straight after Square’s trial, which enabled limited users to trade Bitcoin over Cash App, its payment application.
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