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JACK DORSEY: Bitcoin will become the world's 'single currency'

Frank Chaparro
Updated
Jack Dorsey, Twitter
Jack Dorsey, Twitter

Francois Durand / Getty

  • Twitter founder Jack Dorsey thinks bitcoin will be the world's "single currency" in ten years.

  • Dorsey's Square has been expanding its foothold into the cryptocurrency market recently.

Count the founder of Twitter as one of the many bitcoin evangelists.

In an interview with The Times of London, Jack Dorsey - the serial entrepreneur behind payments company Square and social media giant Twitter - said he thinks there will be one "single currency" one day. And that currency will be bitcoin.

"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey told The Times.

He expects that to happen in about ten years.

This isn't the first time Dorsey has endorsed the controversial cryptocurrency. During Square's fourth quarter earnings call, Dorsey said the cryptocurrency provides an "opportunity to get more people access to the financial system."

Bitcoin, which runs on a open-source network of computers, was founded to provide a way for people to exchange value for little cost, circumventing the cost and oversight of banks and governments. 

Square has been exploring how it can provide its customers access to the cryptocurrency, which has tanked since the beginning of 2018.

In November, a few weeks before bitcoin hit an all-time high near $20,000, Square said it would allow some of its users to buy and sell bitcoin on its Cash App. In January, the company said it was expanding the service for most of its users.

"Bitcoin, for us, is not stopping at buying and selling," Dorsey told analysts."We do believe that this is a transformational technology for our industry and we want to learn as quickly as possible."

Dorsey conceded to the Times of London, however, that a number of issues hang over the cryptocurrency, saying:

“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."

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