Jack Dorsey, CEO of Twitter and Chief Executive of crypto-friendly mobile payments company Square, is sure that Bitcoin will overtake all the world’s currency in the next ten years. In an interview, Dorsey made propositions that some crypto, probably Bitcoin itself, will soon become the world’s dominant medium of exchange. He said, “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin… probably over ten years, but it could go faster.”
Dorsey recently invested in a company called Lightning Network which aims to solve problems with the slow processing times and variable processing fees of Bitcoin. He said that “Bitcoin does not have the capabilities right now to become an effective currency. There are newer technologies that build off of blockchain and make it more approachable.” Recently, Huawei and Oxford Economics have concluded that the digital economy will be worth $23 trillion by 2025. To capture the entirety of this market as predicted by Dorsey, bitcoin will need to gain a little more value than other fellow cryptos. This requires exponential growth and because the value of a bitcoin has reduced to 50% from its all-time high rise.
It should also be noted that many critics like Nouriel Roubini, Economics professor at New York University, has warned that Bitcoin is only a bubble which can collapse soon. While cryptos are famous among the people these days, the general market is also filled with a lot of flops and rumored scams. This is probably a reason, Twitter is also planning to ban crypto ads, just like Facebook and Google.