Today’s “Planet Earth Report” –‘Bitcoin Will Replace the U.S. Dollar as the World’s Single Currency’

 

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“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Twitter founder and CEO Jack Dorsey told England’s The Times.


Despite recent weakness in the value of bitcoin and concerns that it cannot currently process transactions fast or cheaply enough to act as a currency, Dorsey, who is chief executive of both Twitter and the payments company Square, believes that bitcoin will overcome these obstacles and will be used to buy everyday items such as coffee.
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These might seem like bold claims by the Silicon Valley mogul, reports today's Inverse, but they shouldn’t come as a surprise. Dorsey is also the chief executive of the payment company Square, which recently added a feature to buy and sell bitcoin on the Square Cash app.

While Dorsey might be bullish on bitcoin, transaction times and fees have a lot of cryptocurrency enthusiasts doubting the scalability of the token. If it were to become the world’s leading currency, it would need the capability of processing a massive number of transactions at once, a task that it has struggled with in the past. Dorsey conceded that these are issues that need to be worked out before the token comes close to toppling the dollar.

“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,” he said.

It was recently revealed that Dorsey is a funder of Lightning Labs, a California-based startup attempting to make the bitcoin blockchain faster and cheaper to use. With funding going towards efforts to improve bitcoin’s scalability, mass use of it might be possible.

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