Marketing 2 min read

Twitter Founder Makes Bold Bitcoin Prediction

MichaelWuensch / Pixabay

MichaelWuensch / Pixabay

After hitting its peak in December 2017, Bitcoin spiraled downwards to the dismay of investors. The digital currency’s price fell by 80 percent within the last 12 months, and it could continue this trend in 2019.

With that said, a couple of people are still optimistic about the future of the cryptocurrency. Now, Jack Dorsey, the chief executive of Square and Twitter, has joined the hopeful few.

In a recent interview with Joe Rogan, Jack Dorsey talked up the potential of decentralized cryptocurrencies, including Bitcoin:

I believe the internet will have a native currency and I donʼt know if itʼs bitcoin. I think it will be [bitcoin] given all the tests it has been through and the principles behind it, how it was created,” said Dorsey to Rogan.

Jack Dorsey’s payment processor company, Square, started allowing merchants to accept Bitcoin payments as far back as 2014. Then, in early 2018, the company added Bitcoin trading to its Cash App. That way, users could send the digital currency to each other.

According to the CEO, Square included Bitcoin purchases in its Cash App because the company wanted to understand the technology and take some risks. Well, the gamble may have paid off.

In the first quarter of 2018, Square reportedly made $34.1 million from selling Bitcoin. However, the company also spend $33.9 million buying the tokens.

That’s a total Bitcoin-related profit of $200,000. So, did it really pay off?

Whatever the case may be, Dorsey made it clear that Bitcoin is still the digital currency of choice. He also included a timeline for Bitcoin’s eventual dominance.

“The world ultimately will have a single currency; the internet will have a single currency,” Dorsey said.

“I personally believe that it will be bitcoin … (It would happen) probably over ten years, but it could go faster,” he added.

The chief executive also said it had no plans to support any other cryptocurrency in its Cash App.

Several “industry experts” made similar predictions about Bitcoin in the past. Nevertheless, adoption of the digital currency is still dwindling.

A lot of banks have put their plans to wade into bitcoin and other cryptocurrencies on hold. Meanwhile, the cryptocurrency market has lost about $400 billion in value.

If you want to see the interview for yourself, you can find a snippet of it below:

Read More: Japan’s Cashless Vision is Slowly Taking Form

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Sumbo Bello

Sumbo Bello is a creative writer who enjoys creating data-driven content for news sites. In his spare time, he plays basketball and listens to Coldplay.

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