In a recent interview with The Times, the chief executive officer and chairman of payment platform Square, Inc., (and CEO of Twitter) Jack Dorsey predicted that Bitcoin (BTC) has a real shot at replacing the mighty dollar and become the single global currency of the internet in the near future.
“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, adding that the timeline would play out “probably over ten years, but it could go faster.” In spite of acknowledging that bitcoin “does not have the capabilities right now to become an effective currency,” Dorsey thinks that since its official launch in 2009, the digital currency – which needless to say, has rapidly evolved into a major global currency, store of value, and safe haven asset – will continue to develop over time as improvements of the cryptographically enhanced digital ledger that underpins bitcoin and most cryptos roll out.
“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 told The Times about the world’s number one currency which has seen massive growth rates in major regions such as Japan, the U.S., South Korea, and Hong Kong.
Dorsey has become increasingly involved in blockchain technology and cryptocurrencies. In fact, in late January, Square’s peer-to-peer payment app called Square Cash began offering bitcoin buying and selling in most US states, excluding the State of New York, Georgia, Hawaii and Wyoming.
Dorsey also participated earlier this month in a seed financing round of $2.5 million for Lightning Labs, a blockchain startup that specializes in a technology that can potentially make bitcoin transactions cheaper, faster and more efficient. Dorsey’s comments come even as Bitcoin’s price remains below its peak of nearly $20,000 printed in December 2017.
The crypto has plunged in value over the past three months and is now close to sinking back below the $8.500 level. The $146 billion market cap cryptocurrency skyrocketed from a little under $1,000 in January of last year, ending 2017 more than 1,400 percent higher. It should be noted that all of the major digital currencies, including Ripple (XRP) and Ethereum (ETH), have seen the same nosedive, with many dropping even more dramatically than BTC.
Reference: CNBC
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Fiat currency is not “just paper with no intrinsic value.” It’s what you need to pay taxes, which will keep you out of jail. Governments print their own currency in order to pay for things like establishing justice, common defense, etc. and they motivate people to accept the currency they print by requiring that taxes be paid in that currency. Expecting governments to use and accept Bitcoin misconstrues the reasons that they issue their own currency in the first place.
No way. Fiat currency is a policy tool used to help manage boom-bust cycles. Tying your national economy to Bitcoin would be just like using gold for your money—it takes inflation entirely out of your hands and leaves you completely slave to the extrogenous value of the currency.
how will bitcoin avoid mining by quantum computer?
The more computing power used, the harder they make it to mine. It adjusts automatically to waste even more electricity.
There is one town near Seattle that has an enormous dam and 1/3 of the power generated in used by bitcoin miners there since electricity is so cheap.
People are build hundred megawatt mining centers…. That is like hundreds of thousands of computers running just to mine Bitcoin, what a waste.
ROFL
Bitcoin is junk as a currency, way too slow and expensive per transaction.
He is pumping it….
Dorsey might have flunk so many classes in high school and is thinking the world consists of a few western countries. The currency is very useful tools to control and hold dictatorial power in most of countries of the world. Bitcoin has no chance to sneak in to those territories.