Last year was booming crypto space, when over 1,000 different types of virtual currencies being traded on various exchanges worldwide.
Jack Dorsey, the Silicon Valley entrepreneur predicts that bitcoin is going to be the world’s single currency during ten years, if not faster.
In an interview with The Times of London, the chief executive of social networking site Twitter and mobile payments service Square said: “The world ultimately will have a single currency; the internet will have a single currency. I personally believe that it will be bitcoin.”
In December Bitcoin has seen a correction of more than 50% from its record high of nearly $20,000.
Today the cryptocurrency was trading at US$9,012, after slumping to a low of US$7,377 on Sunday.
Bitcoin skeptics label considered it a scam and said it will crash to zero. They also belittle its chances of becoming a legitimate medium of exchange, citing its high transaction cost, wild price volatility and slow settlement times.
Dorsey has made investments in crypto area. Ha took part in a US$2.5 million seed funding round for Lightning Labs, a startup that specializes in Lightning Network, a technology that can potentially make bitcoin cheaper and faster to use for transactions.
His mobile payment company will continue to support bitcoin. Square’s peer-to-peer payment app, Square Cash, has been offering its users access to direct bitcoin trading, since February.
The app does not charge a fee for users’ bitcoin purchases, but the sale price is averaged from different exchanges, with a spread included, according to TechCrunch.