Will Bitcoin become the world’s single currency?

Jack Dorsey, Twitter’s CEO, has made a controversial statement suggesting that Bitcoin will become the world’s, and the Internet’s, single currency in the future. And he believes this will happen within the next decade. Coming hot on the heels of Twitter’s announcement that it will ban adverts for ICOs and anything connected to token sales, this seems like contradictory thinking, but perhaps Dorsey knows something the rest of us don’t?

He said in an article published in The Times (paywall) that the emergence of BTC as a currency that will dominate the world could “take over ten years, but it could go faster.” His opinion most likely arises from the fact that Dorsey is also CEO of payment service Square, which will certainly have an interest in the development of digital currencies. He did say that it was a personal belief, but the guy who has developed one of the most powerful social media channels with Twitter must have some good reason to make such a bold claim.

In February, Square announced that it would focus on developing more options for interacting with Bitcoin via their Cash App, calling it a “transformation technology for our industry.” However, Dorsey also recognises that at the moment, BTC isn’t yet at a stage of development where it can be a truly useful medium of exchange. He said: “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.”

But this is being worked on. Lightning Network is being heralded as the technology that will make Bitcoin transactions free and instantaneous, bringing Dorsey’s prophetic words closer to being a reality. Perhaps it is no surprise that both Dorsey and Litecoin’s Charlie Lee have participated in Lightning Labs first funding round that raised $2.5 million.

A universal currency would be an awesome thing, and make life a whole lot easier for everyone who travels regularly and does business internationally. Could it also mean that businesses would no longer have to worry about fluctuations in the value of a currency and create a more stable commercial environment? The ramifications of a single world currency are immense, and the beauty of choosing Bitcoin for that role is that no central agency controls it.

 

 




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