Twitter and Square CEO Jack Dorsey has always been friendly towards bitcoin. In a recent interview, he says that he thinks the currency will soon be as “common as cash.”
Dorsey Believes BTC Is the Future of Finance
This rings in with a statement he made in the year 2018. The entrepreneur stated to CNBC that bitcoin, within a period of ten years, was likely to become the world’s “single” currency, meaning all other forms of crypto and fiat would become obsolete. This is an ambitious notion for a ten-year period, though Dorsey is confident it’s more than doable.
Still, he acknowledges that bitcoin isn’t a perfect entity, and improvements and changes need to be made to its infrastructure before it can become the mega currency that he thinks it has the power to be.
In a recent blog post, the blockchain division of Square – known as “Square Crypto” – explained that bitcoin would need to go through various alterations before it be used on a widespread, mainstream scale. The post explains:
For bitcoin to become a widely used global currency – one that can’t be stopped, tampered with or rigged in anyone’s favor – improvements to bitcoin’s [user experience], security, privacy and scaling are required.
To fix this, Dorsey hinted on Twitter that his company was working on implementing the Lightning Network to enhance bitcoin’s infrastructure. He wrote:
Square Crypto is focusing on Lightning.
The Lightning Network is a controversial project that is slated to assist bitcoin with its present transaction speeds and scalability issues. Right now, bitcoin is the most used network in the entire crypto space. It’s also the oldest, which means its technology is not quite up there with Ethereum, TRON or EOS.
As a result, bitcoin transactions often take a few days to complete, whereas the others only require anywhere between a few hours to a few minutes to ensure parties receive their funds.
The Lightning Network is built to ensure that small bitcoin transactions occur off-chain only, which would allegedly ensure that bitcoin payments are sent through much faster.
Dorsey’s support for crypto has arrived in spades, particularly over the last year. He recently pledged support for a new crypto-based startup known as Coin List and took part in a funding round for the venture that ultimately saw its executives gifted with as much as $10 million to boost their operations.
Not All Projects Earn His Love and Affection
In addition, he has stated that he would spend anywhere between three to six months on the African continent in 2020, working to bring cryptocurrency and blockchain technology to its many peoples.
Surprisingly, Dorsey has refused to offer Libra – Facebook’s cryptocurrency project – its due, stating that Twitter would never provide support for the allegedly global stable coin.