Twitter co-founder and Chief Executive Officer Jack Dorsey believes Bitcoin will replace all of the world's currencies over the next decade, having said as much in a recent interview with The Times of London. The 41-year-old forecasted the shift will begin with the Internet, expressing belief that Bitcoin will eventually overcome the current obstacles that stand in its way of global adoption. Ease of transactions and available use cases remain the two largest challenges of the world's most popular cryptocurrency, not counting its general volatility that isn't a technological problem but an economic one. Once Bitcoin becomes more suitable for making smaller transactions and a larger number of product and service providers start accepting it, the cryptocurrency is likely to stabilize, some experts previously predicted, with Twitter's chief echoing those sentiments earlier this week.
Mr. Dorsey has been publicly endorsing Bitcoin for several months now, with his mobile peer-to-peer payments startup Square also embracing the cryptocurrency early last month. The entrepreneur's dual-CEO role recently placed him under some pressure, with several industry watchers suggesting he's in a conflict of interest that's preventing him from being objective when making a decision on whether to ban advertisements for initial coin offerings and new cryptocurrencies on Twitter. The microblogging platform still ended up doing so earlier this week, having followed the example of the likes of Google and Facebook. Snapchat also banned ICO and blockchain-related advertising several days back.
Mr. Dorsey insists Bitcoin is "a transformational technology" and one that's not just here to stay but ultimately replace all other methods of conducting payments. The St. Louis, Missouri-born computer scientist recently recorded one of the largest wins in his career, having finally seen Twitter make money twelve years after being established. The achievement is still largely attributed to cost-cutting efforts and not major revenue increases, though the San Francisco-based firm is now expected to place a larger focus on long-term sustainability moving forward.