Dorsey believes that Bitcoin’s leading emergence will take “probably over ten years, but it could go faster”:
“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
At the end of February 2018, Dorsey had previously said that Square will focus on developing more options for interacting with Bitcoin via their Cash App, calling it a “transformation technology for our industry.”
Dorsey did note to The Times that he does not believe that at the moment BTC has the capabilities to become an effective currency, namely as a medium of exchange:
“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”
Last week, Lightning Labs, a Lightning Network (LN) developer, released the first Bitcoin ready LN implementation, making free and instantaneous BTC transactions closer to reality. Dorsey had participated in their $2.5 mln seed finance round, as did Litecoin’s (LTC) creator Charlie Lee.