Predictions about Bitcoin's future are all the rage these days. Twitter CEO Jack Dorsey reportedly offered his own forecast on the world’s most well-known cryptocurrency, in remarks published in the Times of London on Wednesday. Dorsey apparently believes that Bitcoin will eventually become the world’s “single currency” – though he also admitted that it lacks that capability in its present state.
According to Dorsey,
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
The Twitter co-founder acknowledged that Bitcoin would first need to surpass the U.S. dollar in importance and would also need to overcome transaction speed and cost obstacles before it could be welcomed as a reliable world currency. In his remarks to the Times, Dorsey suggested that achieving that goal could take as long as a decade – but noted that it could happen faster.
Of course, Dorsey is not just an outside observer. He is personally invested in Bitcoin and the Lightning technology designed to overcome challenges related to transaction cost and speed. Dorsey stressed the importance of defeating those barriers if Bitcoin is to advance beyond its current status:
“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.”