Jack Dorsey, chief executive of both Twitter (NYSE: TWTR) and the payments company Square, believes Bitcoin (EXANTE: Bitcoin) will becomes the single global currency of the internet within a decade and will overtake the dollar in importance, The Times reported.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin,” he told The Times.
“This would happen probably over ten years, but it could go faster,” he added.
Dorsey is a Bitcoin investor himself and revealed last week that he is one of the seed investors of Lightning Labs, a Bay Area startup working towards potentially making Bitcoin cheaper and faster to use.
Mr. Dorsey, however, accepts that 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 people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable,” he said.
The entrepreneur is in London this week to promote Square, which is launching an instant deposit service. Merchants can use it to get funds into their bank accounts about 20 minutes after a transaction.