{"id":22415,"date":"2018-03-21T22:58:21","date_gmt":"2018-03-21T22:58:21","guid":{"rendered":"http:\/\/ci027cfe64400f2697"},"modified":"2018-03-21T22:58:21","modified_gmt":"2018-03-21T22:58:21","slug":"twitter-and-squares-jack-dorsey-bitcoin-will-be-worlds-single-currency","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/twitter-and-squares-jack-dorsey-bitcoin-will-be-worlds-single-currency","title":{"rendered":"Twitter and Square’s Jack Dorsey: Bitcoin Will Be World\u2019s Single Currency"},"content":{"rendered":"
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Twitter and Square CEO Jack Dorsey recently had some remarkably positive remarks about bitcoin. Predicting the future of finance, he suggested that the \u201cfather of cryptocurrencies\u201d is likely to become the world\u2019s only currency within the next 10 years.<\/p>\n

Speaking with The Times<\/a>, Dorsey stated:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

Dorsey\u2019s optimism comes at a time when bitcoin and virtual money have been deemed \u201cnot that significant\u201d by varying regulators. During Argentina\u2019s recent G20 summit, several panel members stated their belief that it was not necessary to globally regulate<\/a> cryptocurrencies just yet.<\/p>\n

They did, however, request that affiliate countries submit their recommendations for regulation<\/a> by this coming July, so, while advocates of bitcoin may not see changes to the cryptocurrency infrastructure in the immediate future, that could change as early as this summer.<\/p>\n

Still, cryptocurrency was a large topic at this year\u2019s summit, and many agreed that for now, things would remain as they are.<\/p>\n

Even longtime opponents like the Bank of England\u2019s Mark Carney ultimately changed their sentiment. Carney, who has long discussed concerns of illicit activities surrounding virtual money, published a letter<\/a> on the eve of the summit\u2019s start explaining that cryptocurrency did not pose serious risks to the financial industry, as it only accounted for a small percentage of current transactions.<\/p>\n

Right now, Dorsey doesn\u2019t feel bitcoin is strong enough to take over the financial market, nor does he feel it has what it takes to serve as an \u201ceffective\u201d currency, calling it \u201cslow\u201d and \u201ccostly\u201d during his interview. He is leaving it to payment processing companies, like his own Square<\/a>, to make bitcoin more acceptable to businesses.<\/p>\n

Additionally, he has stated there are \u201cnewer technologies\u201d emerging that build off the blockchain<\/a> which should make bitcoin more accessible to the public in the long run.<\/p>\n

Dorsey says that most modern-day bitcoin holders aren\u2019t interested in spending<\/a> their coins or using them to buy goods or services. Rather, they\u2019re seeking to hang on to them for as long as possible to see how high they can spike in value. This, combined with the currency\u2019s volatility, high transaction fees and low merchant adoption rate has prevented the currency from achieving all it can.<\/p>\n

But Dorsey is confident that bitcoin will someday be used for everyday purchases, from cups of coffee to haircuts.<\/p>\n

\u201cWe see it as a long-term path toward greater financial access for all,\u201d he explains.<\/p>\n

Dorsey has previously gone on record to<\/a> describe bitcoin as the \u201cnext big unlock\u201d for global finance, and his company, Square, released an illustrated children\u2019s book discussing the advantages of cryptocurrency.<\/p>\n

Twitter recently made headlines when it announced that it would be following in the footsteps of Facebook and Google by banning cryptocurrency and ICO-related ads<\/a>. The social media giant is allegedly joining the fight to prevent scammers and fake companies from having their time in the limelight, thus paving the way for bitcoin\u2019s legitimacy. The price fell nearly<\/a> $700 soon after, though it quickly rebounded.<\/p>\n","protected":false},"excerpt":{"rendered":"

“The world ultimately will have a single currency. The internet will have a single currency. I personally believe that it will be bitcoin,” says Dorsey.<\/p>\n","protected":false},"author":3479,"featured_media":22416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[3321,681,749,682],"class_list":["post-22415","post","type-post","status-publish","format-standard","has-post-thumbnail","category-culture","tag-g20","tag-jack-dorsey","tag-square","tag-twitter"],"author_data":{"id":3479,"name":"Nick Marinoff","nicename":"nick-marinoff","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/cropped-bitcoin-schmitcoin-promo-image-1-2-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/twitter-and-squares-jack-dorsey-bitcoin-will-be-worlds-single-currency.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/22415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3479"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=22415"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/22415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/22416"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=22415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=22415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=22415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}