Bitcoin All Set to Replace the U.S Dollar as World’s Single Currency, Says Twitter co-founder Jack Dorsey

Even though Bitcoin is under a heavy correction since the start of 2018, the supporters of the cryptocurrency are yet not deterred from believing in its long-term potential and a bright future. Recently, during an interview with The Times, Twitter co-founder and CEO Jack Dorsey showered much praise for Bitcoin saying that it could emerge as the single global currency in next ten years replacing the U.S dollar.

Dorsey himself has been a long time investors and supporter said: “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.” Dorsey further went on to add that the transition would happen “probably over ten years, but it could go faster.”

One of the major reasons investors were seen moving away from Bitcoin is the scalability issue where transactions costs went up much high along huge delays in transaction processing. This occurred because of massive investor rush suffocating the Bitcoin network.

When asked about these scalability issues of Bitcoin, Dorsey said that he is confident that the new solution of Lightning Network would ease the difficulty in the end. Dorsey said: “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.”

Recently, startup Lightning Labs announced the release of the first lightning mainnet which is viewed as one of milestone achievements in the development of the Lightning Network. The startup also managed to raise $2.5 million in fundraising in which Jack Dorsey is also one of the leading investors.

Jack Dorsey has also been seen making other important investments, directly and indirectly, associated with Bitcoin. Dorsey is also the CEO of payment company Square which recently added the option to buy and sell Bitcoin from the Square Cash app.

However, Jack Dorsey is not the along famous personality from the work of tech to praise Bitcoin much recently. In one of the recent statements, PayPal CEO Peter Theil said that he is betting long on Bitcoin and also said that it in the future, it will be 'One Online Equivalent to Gold’. Peter Theil is also said to have invested millions of dollars in Bitcoin through his Founder’s Fund.

Nothing can be said with complete certainty about the future of Bitcoin as of now, and with time to come ahead, this will be more clear in perspective.