Bitcoin Will Overtake Dollar And Become Global Currency: Twitter CEO

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Bitcoin will become the global currency for payments after overtaking the dollar's dominant place within a decade, according to Twitter CEO Jack Dorsey.

Dorsey, who is also the chief executive of payment company Square Inc., made the highly optimistic prediction ever on the modern-day currency in an interview with The Times.

"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin." Virtual currencies built using distributed ledgers will be the next big breakthrough, he said.

Dorsey believes that despite recent weakness in the value of bitcoin and concerns that it cannot currently process transactions fast or cheaply enough to act as a currency, bitcoin will overcome these obstacles and will be used to buy everyday items such as coffee.

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.

Created nine years ago, Bitcoin is the world's most popular digital currency and the best-known application of blockchain technology.

Dorsey had reportedly participated in a funding round that raised $2.5 million for California-based startup Lightning Labs last week.

Square is now offering the bitcoin service in Wyoming, and has applied for a so-called "BitLicense" to extend the option to New York, Coindesk reported.

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