Jack Dorsey, one of the leading entrepreneurs in the Silicon valley, said that bitcoin would exceed its dollar value and within a decade would become the only global online currency.
Despite the recent decline in bitcoin and fears that it is now unable to process transactions quickly and cheaply enough to function as a currency, Twitter’s co-founder and head of the payment company Square believes that this cryptocurrency will overcome all difficulties and become a means for everyday calculations. For example, bitcoin can be used to pay for a Cup of coffee.
In November the company Square announced that users in the U.S. will be able to buy and sell bitcoin with the help of it app Cash. 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. So, on March 20 it traded at the price of $8803.
In an interview with the Times, Dorsey said that virtual currencies operating on distributed registries will be another big breakthrough for decentralized technologies.
This week, Dorsey (he is a bitcoin investor) acted as sponsor of the startup Lightning Labs that are developing technologies that will make the process of using this digital currency more fast and cheap. Comments by the co-founder of Twitter emphasize that while there is no agreement among supporters of bitcoin on how to turn it from a means of saving value into a means of fast and affordable payments.
Now Jack Dorsey is visiting London, where he is engaged in the promotion of Square. He founded this mobile payments company in the US in 2009, and last year it started operations in the UK.
The company is known for its small white terminal-card reader, which connects to smartphones and tablets. Square offers new generation payments and competes for users with such recognized leaders of the sphere as WorldPay and Barclaycard, and with startups represented by iZettle, etc.