Twitter CEO Thinks that Bitcoin could Overthrow the US DollarMarch 28, 2018
The Twitter CEO, Jack Dorsey, thinks that there is a bright future for Bitcoin, and that it could even overthrow the US Dollar, in spite of the recent price dip of cryptocurrency. He also believes that Bitcoin will become the leading currency in the world within a decade. Now, many critics are asking and wondering if this is even possible?
Transacting through digital currencies like Bitcoin offers a lot of advantages that other currencies don’t provide. Digital currencies are relatively new. They are an untested medium of exchange, so Bitcoin appears to provide some incredible possibilities. Though it is not too long ago since it’s been launched in the market, it has gained great popularity from nations all over the world. Bitcoin offers user anonymity, purchases aren’t taxed, and there are no any third-party interruptions and very low transaction fees among other benefits.
For this reason, it’s no surprise to hear such declaration from the CEO of one of the most popular and largest social networks today and the chief executive of payment company Square. Jack Dorsey, himself, is a notable bitcoin investor. During his interview with a U.K. magazine, he said that he believes that cryptocurrency will eventually take over the dominant place in the financial world of the U.S. dollar and become the main global currency for payments.
He agreed that bitcoin is currently dealing with scaling issues, which makes it a bit slow and costly. However, Dorsey argued that new, innovative solutions will solve the problem and ease such difficulty in the end.
“As an increasing number of people are using it, such issues will eventually go away,” Dorsey stated. “There are new technologies that build off of blockchain, making it even more approachable.” The Twitter CEO is very optimistic about it.
Despite Dorsey’s shown optimism about Bitcoin and its future, the fees and transaction times make many cryptocurrency enthusiasts become skeptic about the scalability of the digital currency. A lot of them said that if it were to become the leading currency in the world, it would require processing a massive number of transactions at once. This is a task that bitcoin has struggled in the past. He conceded that there are many issues that must be worked out before it comes close to taking over the US dollar.
However, it is important to note that cost and speed are not the only things that stand in the way of bitcoin to rule in the future. Another issue that people have to face is related to token mining, which requires a great amount of energy.
While the statements of Dorsey with regards of Bitcoin were optimistic, the technology that powers Bitcoin will require some main improvements and new innovation in the next decade in order to make such claims a reality. Nevertheless, the token has a bright future when such developments are obtained.
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