Jack Dorsey: "Bitcoin will eventually be the currency of the internet"
The CEO of Twitter had some very positive things to say about Bitcoin this morning.
He said he thinks Bitcoin will eventually become the de facto currency of the internet as well as the world's global currency.
His exact words:
"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin."
Those are some pretty strong words and that is some pretty strong conviction!
When could this possibly happen?
Dorsey was even so kind as to give us a timeline of his expected outcomes.
According to Dorsey, Bitcoin will become the world's currency as well as the internet currency within the next 10 years, but it could be even faster.
His words:
"It would happen probably over ten years, but it could go faster."
He was quick to admit that the technology is not there currently, but it is likely coming.
Saying this:
"Bitcoin does not have the capabilities right now to become an effective currency. It's slow and it's costly, but as more and more have it, those things go away. There are newer technologies that build off of blockchain and it make more approachable."
Reading his quotes, I can't help but think he is referring to things like the Lightning Network making bitcoin much more plausible as a currency.
(Source: https://bittrex.com/Market/Index?MarketName=USDT-BTC)
Either way, reading these statements by Dorsey was a huge breath of confidence for the space and got me checking my bitcoin wallets, seeing if I should be searching for some spare change to add to them. ;)
Stay informed my friends.
Image Source:
https://qz.com/1228958/jack-dorsey-is-betting-that-bitcoin-still-has-a-future-as-digital-cash/
Follow me: @jrcornel
Wow, thanks for filling us with positivity about the golden future ahead. :)
Haha you are welcome. Hoping he is right. Hoping Steem fills some niche in there as well.
nice nice. i obviously think pizza will be the currency of the intarwabes.
It's the currency of college students!
"Golden Future"...how interesting is it that I'm reading "ANIMAL FARM" with my students now!
I am wondering why he said this, since he is also cofounder for square. Does that imply square is gonna support btc? ;)
Square is already supporting bitcoin.
https://www.bloomberg.com/news/articles/2018-01-31/square-rolls-out-bitcoin-trading-to-almost-all-cash-app-users
They already do.
Square supports BTC. He is also an investor in Lighting Labs, one of the companies working on the Lighting Network, the second-layer solution to scale Bitcoin.
when lightning comes, Bitcoin explodes... I see lots of Lambos in custom colors at the horizon.. . :D
It is assuring to have tech giants and companies endorse cryptocurrency, including Bitcoin. Jack Dorsey's comments also stem from the fact that he is becoming a noticeable entity in the financial services market with Square. Therefore, his comments speak from a business standpoint as they endorse a compliant financial business which could bring his company many benefits and new opportunities.
Bitcoin has (already) been "the currency of the internet", or at least 1 of its top 2, depending on where the internet is used, but it will not be the case in 2022, because there are already currencies with better properties in existence.
Dollars/fiat currencies still vastly outpace bitcoin transactions performed online. I think he is saying that bitcoin will be used for just about every online transaction or payment within the next 10 years.
Because Bitcoin is still a shit currency and always was.
In the beginning, like every other cryptocurrency that I know about, it could either be (pre)mined, or bought from miners whom got it for free or for cheap.
Now buying Bitcoin is financing this closed club, or the petrochemical aristocracy, while also slow.
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Finally some good news in the market and bitcoin is going up.
I agree with the Jack, he is right and the thing he is saying that is keeping in mind the previous trends and changes which have been happening in the past.
Time has come to change the way we deal with the money. Internet has changed so many things so why not we change money through internet.
Hoping there is some follow through!
As time moves on, I believe that we will continue to stray further and further away from Fiat, or any type of currency that requires printing. I'm excited to see how the world continues to change and evolve...and over time becoming more and more dependent on technology. It only makes sense that Blockchain technology is going to have mass adoption and acceptance. Along with these, we will most assuredly see a growth of adoption and acceptance with many cryptos...especially Bitcoin, Litecoin, etc. -Respect
I don't believe this. Those are nothing more than bold & crazy statements to make people speak about him.
"Any ads is a good ad", a la Craig Wright
Everyone using a single currency makes sense on a lot of levels, why do you doubt this?
There is more than 7 billions humans and 200 countries in earth. There is wars, we are not united. This is why there is different fiat currencies.
There is technological disparencies, 40% of the world population have an internet connection (in third-world countries, this mean going to a cyber cafe), even less have a smartphone, even less have a smartphone with internet connection.
In many places even the ATMs regularly get out of service because of shitty internet connection. God, even the connections of cyber cafes drop daily, sometimes for many hours.
In still many places, a lot of small family businesses doesn't even have a land-line phone.
Cryptocurrencies are not an option in these conditions.
It's not about "would it make sense or not".
It is simply something that won't realize.
It would make sense that all the people around the world start using the same language. Do you think we will?
You are right. But the way I read his words is: Bitcoin will be the most important currency in the world. the default to do business with. But as with everything, there will be other options including other crypto and fiat currencies
Maybe I'm "too much of a square" when it comes to interpret written things
I agree we will definitely not have one currency but a few crypto currencies. Fiat will die out though!
The US and EURO will fight till death. But the policies of global central banks will ultimately make those currencies worthless and new currencies like Bitcoin which has no rulers arbitrarily increasing or lowering the amount of currency will thrive.
I can not wait for the day when currency markets are not managed by the people behind the curtain. With clearer currency rules comes more trade and more prosperity for all. Keep hodling early adopters. Do not get shakin out by this volatility in time volatility will come down to what normal people expect.
"5. The only currencies that won't be debauched by insiders desperate to maintain the illusion that the status quo is permanent are decentralized, distributed non-state currencies that are accessible to everyone with a mobile phone or digital connection." Source: https://www.oftwominds.com/blogmar18/solutions3-18.html
If a newer currency starts to catch on, IE a decentralized one, they may never end up fighting it out as everyone migrates to this new one while they were busy worrying about each other.
I have done a lot of Website hosting jobs and I can tell you the demand for micropayments is huge! News Websites go through a lot of trouble to monetize their content but if they could charge pennies for reading their content would be much better and their readers would easily pay it.
In other words, if Bitcoin's Lightning Network proves itself with micropayments the internet as we know it is going to change forever. Who knows, objective, investigative journalism might even come back to replace the fake news we have today all over the place.
Thanks for the insights, I agree. And, yes that would be something now wouldn't it?!
We just have to #HODL, #BUYMORE and #WAIT :)
Sounds like a plan!