CEO of Twitter and Square, Jack Dorsey believes that bitcoin will be the only currency on the internet in the near future.
"In the end, the world will have only one currency, the internet will have only one currency.I personally, I believe the currency is bitcoin," said Dorsey. He mentioned, this is "likely to happen within 10 years, but it could have been faster."
In less than 10 years, bitcoin has evolved from something that only attracts a small number of people into globally traded assets.
The price of the virtual currency rose from less than USD1 thousand (Rp13.7 million) to more than USD19 thousand (Rp261.2 million) at its peak in December. Currently, bitcoin valued USD9 thousand (Rp123, 7 million).
CNBC reports, Dorsey is indeed becoming increasingly involved in virtual currency. At the end of January, Square's mobile payment application, Cash, began offering cryptocurrency purchases and sales in most states of the United States.
Dorsey also participated in initial funding for Lightning Labs, a startup that tries to make bitcoin transactions more efficient.
Dorsey said, payment processing companies like Square should help to make bitcoin acceptable to more people. However, he admits that currently, bitcoin can not yet be an effective currency.
"Bitcoin is slow and costly, but the more people have it, the problem will be lost.There are newer technologies to develop blockchain and make it more accessible to many people," said Dorsey.
