Twitter and Square CEO: Bitcoin To Eventually Become the World’s Only Currency

The CEO of Twitter and Square made a strong remark about the bitcoin and how it may be used. Jack Dorsey told the Sunday Times in the United Kingdom that he feels the bitcoin is going to end up being the only currency anyone in the world will ever use.

Even more strikingly, he said that the bitcoin could become the sole currency in the world within the next ten years, possibly sooner than this.

This comes as Dorsey’s Square company has been growing as a popular group for mobile payment needs. Square has expanded its service recently to offer support for the bitcoin. People will be able to buy and sell the currency through Square. This may be utilized in any place where Square is offered although the currency might have to be transferred from the bitcoin to something more traditional.

Dorsey’s prediction suggests that the bitcoin would end up being a universal currency that could make some of the more traditional currencies on the market obsolete. This could cause the bitcoin to possibly become more valuable thanks to its added use.

Dorsey is also investing in Lightning Labs, a start-up that is aiming to work with bitcoin functions. Lightning Labs is currently working on technology to help with getting the bitcoin to be easier and faster for people to use. Such work may help with getting the bitcoin to become more valuable and a potentially stronger investment over time.

Dorsey also said that the technology currently being used for developing the bitcoin is rather slow. He argues that the bitcoin is not doing as well as he feels it should due to the expenses that come with using it and how it takes a bit for some transactions to move through. He is hoping that the work being handled by Lightning Labs will make it easier for the bitcoin industry to thrive while simplifying how it works in most situations.

He does not go into any specifics on how people might use the bitcoin or how it will be transferred between parties. But he does say in the Sunday Times report that the bitcoin should become easy to use to the point where people can buy everyday products with it in as little time as possible. This may also help with keeping currency exchange rates from being a burden for some to handle. Also, while he did not say anything about how the bitcoin would be utilized, it is believed that the Square program may help with making it easier for transactions to go through with that currency in mind.

The news comes amid ongoing volatility on the market. The currency has been trading at the $8,000 range for the most part in the past week and has not experienced any sizeable dips or increases in the past few weeks. However, the currency did have a value of $10,000 early on in March. The currency’s trading volume is still remaining steady with no real changes or sudden shifts coming along with its value.

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