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Twitter CEO Says Bitcoin Will Be the World's 'Single Currency' In 10 Years (theverge.com)

Posted by BeauHD on from the one-for-all dept.

In a recent interview with The Times, Twitter and Square CEO Jack Dorsey said he believes that bitcoin will become the world's single currency within 10 years. "The world ultimately will have a single currency, the internet will have a single currency," said Dorsey. "I personally believe that it will be bitcoin." Dorsey went on to say that the transition would happen "probably over ten years, but it could go faster." The Verge reports: That Dorsey is a fan of bitcoin isn't too surprising, though. In addition to serving as the CEO of Twitter, Dorsey is also the CEO of Square, which recently added the option to buy and sell Bitcoin directly from the Square Cash app. The company also released an illustrated children's story touting the benefits of the digital currency. As for Dorsey himself, he's gone on the record in an interview with The Verge's own Lauren Goode about the benefits of bitcoin as a currency, describing it as the "next big unlock" for the world of finance. (Dorsey owns an unspecified amount of the cryptocurrency.)

10 of 256 comments (clear)

  1. From the wheres-my-business-model-apartment by Anonymous Coward · · Score: 5, Funny

    Well, at least it will be sooner than twitter's working business model.

    1. Re:From the wheres-my-business-model-apartment by denzacar · · Score: 5, Interesting

      CEO of bullshit company peddling bullshit Ponzi schemes/pyramid schemes because "HE BEEELIEVEEEZ!!! PRAIZE THE JEBUZ!!! AND THE BUTCOIN!!!"

      Does that qualify as a business model? Lots of churches are doing the same...

      --
      Mit der Dummheit kämpfen Götter selbst vergebens
    2. Re:From the wheres-my-business-model-apartment by hey! · · Score: 5, Insightful

      You've got the wrong end of the stick if you're asking "How will this benefit Twitter?" The question should be "How will the benefit Jack Dorsey?"

      The answer is right there in the summary: he's also the CEO of a credit card processing company that's just gotten into BitCoin. So the title of this article should be "Square CEO says bitcoin will be the world's only currency in ten years," and the summary should note that people believing this would be very good for Square.

      I wouldn't be surprised if Dorsey picked up a bunch of Bitcoin before making the pronouncement. However if I were a Twitter stockholder I wouldn't be too happy about his using his Twitter notoriety this way.

      --
      Post may contain irony: discontinue use if experiencing mood swings, nausea or elevated blood pressure.
  2. All that glitters is not bitcoin by Anonymous Coward · · Score: 5, Insightful

    I guess no one informed him that bitcoin has a limited number of transactions. Good luck with that.

    Obvious pump is obvious

  3. Just a hunch, but... by PopeRatzo · · Score: 5, Insightful

    Twitter and Square CEO Jack Dorsey said he believes that bitcoin will become the world's single currency within 10 years.

    Am I the only one who's starting to get the impression that the people who are running these immense dot-com behemoths might not be as bright as we've been led to believe?

    Could it really be that the so-called leaders of the tech sectors are really just a bunch of shallow jackasses with zero self-awareness?

    --
    You are welcome on my lawn.
    1. Re:Just a hunch, but... by Zaelath · · Score: 5, Insightful

      Asking @jack about global finance is like asking Michael Jordan about string theory.

      Just because he's "successful" in one endeavour doesn't mean he's any better informed in something completely unrelated.

      They're both really good at promotion though.

    2. Re: Just a hunch, but... by PopeRatzo · · Score: 5, Funny

      Are you retarded?

      I want the slickest, meanest, slimy, ugly motherfucker on my team. We're up against Russia and China, who have no problems murdering anyone to get ahead (or just to make a point).

      Obama was a massive pussy in their worldview. They walked all over him, and we suffered for it.

      Now we're doing the walking. Put your boots on, or shut the fuck up.

      DO NOT CONGRATULATE

      --
      You are welcome on my lawn.
  4. Oh come on by Bruce+Perens · · Score: 5, Informative

    This is the same guy whose company is banning cryptocurrency ads.

    I guess that means he's holding bitcoin and is worried about it.

    Even the bitcoin fans will tell you why that won't work. Crazy overhead to validate transactions, limited number of transactions, overall currency limit.

    And the big reason, which is that it's not money. It's just a fantasy. OK, I think dollars are a fantasy too, but cryptocurrency takes all of the problems of fiat currency and amplifies them.

    --
    Bruce Perens.
  5. Re:OK by phantomfive · · Score: 5, Insightful

    But Lightning network fixes that by providing Bitcoin the capability to support extremely high volumes of almost instant and nearly-feeless transactions.

    There may be someone who figures out how to make Bitcoin derivatives that enable high volume, low-fee transactions, but it won't be Lighting Networks. They will be in the trashbin of VC funding before the end of next year. Their focus on marketing, combined with their lack of focus on actually getting the thing to work has doomed them: if they ever gain any popularity at all, they will be hacked and lose it all, like many other bitcoin startups before them. Lightning Networks is making all the same security mistakes.

    --
    "First they came for the slanderers and i said nothing."
  6. Re:Should investigate early onset dementia by thegarbz · · Score: 5, Insightful

    Not at all. It all makes far more sense when you look at the money:
    Man who somehow made a whole lot of money by starting a company that has been unable to make any money is suggesting that something that isn't money will become worldwide money.

    When you frame it like that you realise that he doesn't have dementia, he just has no idea where money comes from or how it works.