JACK DORSEY, who gave the world Twitter and more recently payments company Square, has said that he believes that Bitcoin will be the world's only currency within a decade.
In an interview with The Times (paywalled). he explained that he believes that the blockchain's limitations on things like transaction processing speed are going to be overcome and we'll soon be paying for things with cryptocurrency as casually as we do with contactless today.
This puts Dorsey's faith in Bitcoin on an even greater level than that of his fellow evangelist John McAfee, who last year announced that he would 'eat his own dick' if Bitcoin isn't worth a million dollars a pop by 2020 - accelerating the knob-o-meter which he had originally set at half a million.
McAfee recently added meat to his claim by explaining how it would get eaten.
How would I go about eating my dick? I would delegate the task like I delegate all unpleasant tasks. Most likely I would hire a Bangkok prostitute to do it for me. Slowly. Taking years if necessary. But this is conjecture. It's mathematically impossible for me to lose this bet.— John McAfee (@officialmcafee) March 20, 2018
"The world ultimately will have a single currency, the internet will have a single currency I personally believe that it will be bitcoin," said Dorsey.
"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."
Dorsey is already supporting Bitcoin through his Square payments network, meaning that it is already viable for small businesses to accept cryptocurrencies, if they feel so inclined.
Dorsey is already dabbling in ways to make Bitcoin (or whatever) more efficient and has recently thrown $2.5m into a startup called Lightning Labs which creates a ‘bypass' to congested blockchains to speed up processing.
At the moment the price of Bitcoin, as with all cryptocurrencies is jumping up and down like a small child after a family bag of Haribo as people wait to see what happens next, but once it settles, it seems Dorsey is now part of the team that believes the only way is up. µ
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