Bitcoin Will Be World's Leading Currency in 10 Years: Square CEO Jack Dorsey
Square CEO Jack Dorsey, who is in London this week promoting the electronic obligations firm, told The Times that he considers Bitcoin could become the world's top currency within a decade — or maybe even sooner.
«The world ultimately will have a single currency, the net is going to have a single currency. Personally, I believe that it will be bitcoin,» Dorsey said, adding that it would happen «probably over ten years, but it could go faster».
Since CCN reported, Square has added support for easy Bitcoin trading to the firm's popular Cash App, and Dorsey has said that the company plans to add more Bitcoin-related performance in the future.
This has led to speculation that a Square may start handling Bitcoin payments in its merchant payment processing software or perhaps even launching a full-scale cryptocurrency exchange.
Dorsey — that also directs social media giant Twitter — declared that Bitcoin in its current state of development isn't an «effective currency,» citing slow verification times and high transaction fees (although fees are currently at a relative low point). But he expressed optimism about technologies that will make Bitcoin payments more user-friendly and effective in the not too distant future.
«It's slow and it's costly, but as more and more people have it, those things go away.
One of those technologies, presumably, is the Lightning Network (LN), a second-layer scaling solution that lets users open off-blockchain payment stations and execute near-instant trades with virtually no fees.
Dorsey, notably, recently spent in Lightning Labs one of the major development teams focused on programming LN program.