Sunday, March 25, 2018

Bitcoin Will Be World’s Single Currency, Says Twitter CEO Jack Dorsey

While there are many renowned names who are very positive about Cryptocurrencies, there is only a handful of them who have made far-fetched (sensational) predictions.

We still remember, last year, John McAfee said that he would eat his own dick if Bitcoin doesn’t reach $1 million by the end of 2020.

Now, CEO of Twitter Jack Dorsey has joined the same line.

No, he won’t eat his dick. And neither his statement promises any kind of mutilation.

He did say something incredibly hopeful that the cryptocurrency is bound to love.

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Twitter CEO Jack Dorsey on Bitcoin

Bitcoin Will Become World’s Go-To Currency

In his Interview with The Times, the Chief Executive Officer of Twitter Jack Dorsey said in the 10 next years, the world will have a single currency system. And he believes, cryptocurrency – Bitcoin, in particular – might just be that single currency that the world takes up.

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."

He also added, “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.”

Notably, Dorsey is also the CEO of payment company Square that recently has started allowing Bitcoin transactions.

"We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step," Dorsey Tweeted back then.

Also, Mr. Dorsey is also working to help fix Bitcoin’s biggest problem – slow transaction and a high fee.

Recently, he participated in a funding round for the startup Lightning Labs that raised $2.5 million. Lightning Lab is a protocol layer that is built on the Bitcoin Blockchain to speed up the transactions and lower the fees.

Clearly, Dorsey is putting his money where his mouth is!

Also Read: How To Protect Bitcoin From Hackers

‘Single Currency’ is a Bad Idea

There are many proponents of the single currency system, spiraling from politicians to economists. However, this whole idea is not only extremely difficult to pull on the global scale, it’s also not feasible when factored different aspects.

Because every country has its own economic, social and political problems that it can fix on the microeconomic level with distinct fiscal and monetary policies. This won’t necessarily be possible if the world comes to have a single currency with a Universal Central Bank.

Indeed, multi currencies pose challenges in trade s and transactions. But they also bring higher flexibility on the socio-economic scene that is hugely beneficial for the countries is treated well.

So as noble the idea is that of Jack Dorsey of Bitcoin becoming world’s single currency in the next 10 years, it’s also flawed.

But hopefully, a part of his prediction comes true—that Bitcoin sustains with less volatility and the world (including governments) embraces it tightly.

Also Read: Bitcoin Price Predictions 2018

What do you think? Do you think making Bitcoin world’s single currency is a good idea?

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