Just when many experts were making doomsday predictions, here comes a ray of hope for those who have invested heavily in Bitcoin. Jack Dorsey, the CEO of Twitter, has stated that in his opinion, Bitcoin has a very bright future.
In fact, he believes the digital currency could emerge as the single dominant cryptocurrency with global linkages and acceptance all over.
He has, however, added that it may not happen immediately or in the next couple of years. He feels it can take 10 years, though such a development may occur even sooner than that.
Widespread Holding and Ease of Access May Increase Acceptance
In Dorsey’s opinion, the current stagnation or hesitation among the public to go in for Bitcoin is due to the slow process involved in mining the currency using the blockchain route.
Now, if the blockchain itself becomes less cumbersome through further innovation in technology, it will reduce the time and cost involved in multiplying the supply of Bitcoin and it will result in more people owning the currency.
When such a scenario emerges, then the number of transactions where Bitcoin is paid and accepted as the form of payment will also expand. People could use Bitcoin to pay for their coffee, replacing the US Dollar.
Jack Dorsey Directly Involved with Bitcoin
Along with being the CEO of Twitter, Jack Dorsey is also the founder of Square, an online payment gateway. He is also reported to be associated with Lightning Labs, a tech startup that recently raised funds to the extent of $2.5 million. Dorsey is reported to have made a personal investment in Lighting Labs, according to Crunchbase data.
One of the projects being pursued by engineers at Lightning Labs aims find ways of making the building of blockchain faster and cheaper. If this project succeeds, then what is being predicted by Dorsey might come true.
Lest year on his own platform, Square Cash, Dorsey began permitting the use of Bitcoin—for making payments using the Cash App application within it—to select users on specific conditions. This has since been expanded and Square is already offering a full-scale payment service using Bitcoin as the currency.
But right now, this feature is limited to certain states. The company recently started offering the service to users in Wyoming and has applied for a similar license to operate in New York. A “BitLicense” is required by the state’s Department of Financial Services.
Even at a personal level, the Twitter CEO is an investor in Bitcoin. And if observers were wondering how Twitter joined Facebook and Google in their newly announced restraint on all forms of advertising on Bitcoin and other related cryptocurrency businesses, it is being reported that Twitter did it under regulatory pressure.
The obvious question, therefore, would be who would be proved right in the future—some of the most experienced Wall Street pundits, who call Bitcoin absolutely useless, or Jack Dorsey, who has now predicted that it would be the single dominant currency accepted throughout the world for all online transactions?
The crypto community will have to wait to get the answer to that.