Twitter’s (NYSE: TWTR) CEO, Jack Dorsey predicts that Bitcoin will become the universal single currency in the next 10 years, he said in a recent interview with The Times.
"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin," Dorsey said in a report, "probably over ten years, but it could go faster."
Dorsey has been getting involved in the cryptocurrency scene lately. He is also the CEO of Square Inc. (NYSE: SQ), which recently added the option to trade Bitcoins directly from its Square Cash app.
Dorsey was also part of a $2.5 million funding round for blockchain company, Lightning Labs. Other investors included Charlie Lee, creator of Litecoin and Jacqueline Reses, head of Square Capital.
Dorsey said that the widespread of cryptocurrencies such as Bitcoin relies on payment processing companies and exchanges, such as his own company Square, to make them universally accepted.
He acknowledged in the interview that bitcoin does not have the capabilities currently to become an effective form currency.
Even with globular popularity level of Bitcoin, it seems highly unlikely for the cryptocurrency to become a universal world currency. There are many problems associated with the coin such as its highly unpredictable volatility and that it is a decentralized currency.
The only possibility of Bitcoin becoming a universal currency is through government regulation to control its instability, but regulations would defeat the purpose of the currency. Cryptocurrencies were created to offer a decentralized digital payment method, but it has become so popular that many creators began to launch coins used for specific payments.