Economy

Bitcoin will become the world's single currency, tech chief says

Bitcoin will become the world's single currency, tech chief says

I won't call this pumping, but he does own Bitcoin and often speaks positively about Bitcoin.

In less than a ten-year period, bitcoin has swiftly progressed from being an object of extreme interest into an internationally traded asset with a product on the world's largest futures market. This is just wishful thinking on his part.

In an interview with the British newspaper The Times of London, Dorsey shared his belief of the single global currency that may happen "probably over ten years, but it could go faster". The cryptocurrency surged from less than $1,000 at the start of previous year to a record above $19,000 in December.

As for fiat-equivalence, the most widely used cryptocurrency in the world could even overtake the USA dollar in importance.

"We see it as a long-term path toward greater financial access for all", he said. CEO of Twitter Jack Dorsey has publicly revealed his utmost support to the number one cryptocurrency "Bitcoin", He reportedly quoted that "Bitcoin would be the world's "single currency".

Bitcoin will become the world's single currency, tech chief says
Bitcoin will become the world's single currency, tech chief says

Jack Dorsey, the chief executive officer of Square, Inc. Since then, the price of cryptocurrency has decreased significantly amid fears caused by the bans of regulators and warnings about the speculative nature of bitcoin. We've reported to you that Square has expanded its Cash App to allow more users to buy and sell Bitcoin with their phones. However, margin requirements for bitcoin futures are high, potentially keeping many investors out of the bitcoin futures arena.

As someone who has an informed opinion on both sides of the crypto argument by seeing the potential and the volatile nature of the currency, Dorsey believes that Bitcoin, as the world's most popular and most-used digital currency, will eventually take over the dollar.

Dorsey acknowledged that Bitcoin's current problem is lag.

"It's slow, and it's costly", said Mr. Dorsey, "but as more and more people have it, those things go away".

More news: Nintendo may be working on a Switch update with even better specs


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