Twitter CEO Jack Dorsey Says Bitcoin Will Be the World’s Universal Currency
Twitter CEO Jack Dorsey isn’t pulling his punches on Bitcoin.
While J.P. Morgan CEO Jamie Dimon sees promise in blockchain but a bubble in Bitcoin, Twitter and Square’s chief executive, Dorsey, thinks the poster child of the cryptocurrency movement will come to replace all currencies.
“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin,” Dorsey told the The Times of London Wednesday. His timeline: “probably over ten years, but it could go faster.”
That comes even as Bitcoin’s price, now at $9,000, remains below its peak of $20,000 on some exchanges in December.
Dorsey’s name has rung louder in cryptocurrency circles in recent months, with the executive’s company Square allowing for the buying and selling of Bitcoin on its app, and a recent investment in firm Lightning Labs.
As it stands now, however, U.S. regulators don’t see Bitcoin, as it stands now, as a currency. Some cryptocurrency investors, like Mark Cuban, concur—considering it a store of value or a collectable. Other onlookers, including Goldman Sachs, argue that while digital currencies are here to stay, it’s unlikely to be Bitcoin.
“Ultimately, I think new cryptocurrencies will emerge but of course time will tell,” Goldman Sachs head of Global Investment Research Steve Strongin said in February.