Twitter Inc. (NYSE:TWTR) and Square Inc. (NYSE:SQ) CEO, Jack Dorsey indicated that despite growing adoption of Bitcoin (BTC) it is still far from being a currency.
Bitcoin still far from being a global currency
Dorsey told Australian Financial Review on Wednesday that the leading cryptocurrency will continue enjoying growing adoptions. Several small-fiat currencies are joining the crypto markets, but there is still a long way to go for Bitcoin to be considered a global currency.
The outspoken Bitcoin supporter stated that the cryptocurrency is not a functional currency for now. He added that the troughs and peaks are synonymous to an investment asset and are similar to gold. Dorsey said that what should be done is to make Bitcoin more accessible and usable as a currency, something that is miles away. The founder of mobile payment Network Square has implied before that bitcoin will transform most industries and instigate the fourth industrial revolution via digitization.
Dorsey adores Bitcoin
Dorsey is a strong believer of the principles that created Bitcoin and the community formed around it. He added that once Bitcoin becomes an internet currency, then Square will enhance its services to those adding value instead of just the transfer of money.
Since 2014, Dorsey has had interest in Bitcoin. For instance, Square has been at the forefront of promoting the adoption of Bitcoin in retail. Equally, there are plans to have a Square Crypto later this year. In November 2017, Square announced that it would launch a BTC trading option, promoting its stock to surge by $1 billion in less than a week.
He believes that Bitcoin has the potential of becoming a true currency of the internet because of its robust structure. The cryptocurrency community has greatly benefited from his network, support as well as a capital injection. He, however, thins that his dream of an online ecosystem is still miles from realization.
Following the announcement by Facebook to have its Crypto dubbed Libra, there is speculation that Dorsey will also launch “Twit-Coin.” He has however dismissed the idea stating that bitcoin has more to offer.