Billionaire Jack Dorsey reiterated his bullish outlook on bitcoin, saying the “internet is going to have a native currency,” and bitcoin will likely emerge as the winner.
Dorsey, who’s the CEO of both Twitter and of mobile-payments company Square Inc., made the comments May 16 during Blockchain Week, when more than 8,000 cryptocurrency enthusiasts descended on New York City to dissect and celebrate all things crypto.
“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen,” said Dorsey, as reported by CNBC. “I don’t know if it will be bitcoin, but I hope it will be.”
One Global Currency Within 10 Years
Dorsey, whose net worth tops $4.1 billion, previously said bitcoin will displace all currencies within the next decade.
“The world ultimately will have a single currency, the Internet will have a single currency,” Dorsey told the Times of London in March, 2018. “I personally believe that it will be bitcoin.”
While his company, Twitter, recently banned cryptocurrency advertising, Jack Dorsey said he personally is a “huge fan” of bitcoin, and of blockchain, the technology underpinning digital currencies.
Dorsey is especially bullish about bitcoin’s role in the future of payments, and expects people to start using cryptocurrencies to buy everything, including something as small as a cup of coffee.
Despite the bullishness of crypto evangelists like Dorsey, bitcoin has come under increased attacks by billionaires like Warren Buffett and Bill Gates, who both trashed cryptocurrencies as passing trends.
Buffett, the chairman of Berkshire Hathaway, is a notorious crypto skeptic who says buying bitcoin is nothing more than reckless gambling.
“You aren’t investing when you [buy cryptocurrency]. You’re speculating,” Buffett said. “There’s nothing wrong with it. If you wanna gamble, somebody else will come along and pay more money tomorrow. That’s one kind of game. But that is not investing.”
Buffett echoed the sentiments of four Nobel Prize-winning economists who say bitcoin’s true price should be zero, as the Inquisitr has reported. The price of one bitcoin token currently hovers at about $8,165.
“Does the world really need another speculative asset?” Nobel Prize winner Angus Deaton asked. “The only advantage as far as I can see is you can be a crook. It’s not an accident that people who demand ransoms demand them in bitcoin.”
Bitcoin advocates dismiss the virulent anti-crypto sentiment, saying digital assets are the unstoppable wave of the future. The Winklevoss twins, Tyler and Cameron, said skeptics who can’t see the potential of cryptocurrencies suffer from a woeful “lack of imagination.”