Twitter co-founder and well-known Bitcoin enthusiast Jack Dorsey believes the top cryptocurrency by market capitalization is poised to change the world. He thinks that change will come within a few years.
Jack Dorsey – Co-founder of Twitter
Speaking at an exclusive meetup held at a castle in Tuscany, Italy last week, Dorsey expressed confidence to a high-profile audience that Bitcoin would soon upgrade in the West from a store of value to the dominant, permissionless currency that holders would want to use on a daily basis.
“It’s going to take some time. Not 10 years, maybe 15 years. Gradually, people will see the value of this system and why it’s so powerful,” Dorsey said in talk intimate, titled “Technology and Freedom,” at an event hosted by legendary music producer Rick Rubin.
At the time, Dorsey said that as Bitcoin becomes a viable means of completing transactions not just in the southern hemisphere but everywhere, the on-chain currency could usurp the US dollar as Earth’s next global payment method.
“It has the potential to… supplement or replace the US dollar which is dominating everything right now,” Dorsey said, wearing a Satoshi Nakamoto T-shirt and a gold chain.
The tech entrepreneur, who also founded fintech firm Block, stressed the importance of moving the global economy away from its current dependence on both the US dollar and the Chinese yuan.
Dorsey said of both government-issued currencies:
“These are two entities that control the value of your money and you don’t choose them. Whereas with Bitcoin, you have more control and you have more freedom.”
Dorsey has long been one of the most prominent Bitcoin advocates. In May, he predicted that the price of BTC would be poised to surpass $1 million by the end of the decade.
Block recently pledged to reinvest 10% of all profits from Bitcoin-related products and services to buy more of the cryptocurrency. On the other hand, the company is also under investigation by US prosecutors for alleged compliance violations related to cryptocurrencies.
Minh Anh
According to Decrypt
