Twitter And Square CEO Jack Dorsey “Bitcoin Will Be World’s Currency” As Twitter Bans Cryptocurrency Ads

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The CEO of both Twitter and payment platform, Square, Jack Dorsey told the Times of London there will be a single world currency in the next ten years and Dorsey believes that will be Bitcoin, Times Of London reported.

“It’s slow and it’s costly,” Dorsey spoke about Bitcoin as a currency, “but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”

Though the world’s most popular digital currency “does not have the capabilities right now to become an effective currency,” Mr. Dorsey explained the “world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” expecting this to take place “probably over ten years, but it could go faster.”

Dorsey has previously described blockchain technology as “the next big unlock… something that at first is normally applied to accounting terms, but has the potential to be applied to so much more,” at the Computer History Museum in Mountain View, California, in an interview with The Verge.

“I think there are going to be a bunch of people who say, Blockchain, let’s go apply it everywhere’ and ‘Let’s try to solve every single problem with it,’” Dorsey said, “in the same way that we try to solve every problem with machine learning and data science and deep learning and artificial intelligence. And I think we need to be more thoughtful. What are people struggling with? How does the technology help them progress or does it distract them?,” Dorsey said.

Which means in the future we may see Dorsey utilize the blockchain for one of his companies, or possibly become involved with a new blockchain venture utilizing an ICO (initial coin offering.)

Meanwhile, Dorsey’s smartphone payment app Square announced last month the company would launch an in-app Bitcoin buy and sell option. “We support bitcoin because we see it as a long-term path towards greater financial access for all — This is a small step,” Dorsey detailed.

Last week rumors spread rampantly that Jack Dorsey was about to initiate a cryptocurrency ad ban on Twitter. Since that news broke there hasn’t been any confirmation that is the case.

A ban would be quite shocking since Dorsey’s payment app Square has accepted Bitcoin as a payment option since 2014, making him a huge early adopter within the cryptosphere.

UPDATE:  Twitter has joined Silicon Valley companies Google and Facebook and banned cryptocurrency advertising, CNBC reported.

“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” a Twitter spokesperson told CNBC Monday. “Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”

The Twitter news was a “non-event” for cryptocurrency markets, according to Brian Kelly, founder and CEO of BKCM.

“There is not a discernible catalyst on either side of the market so we are just drifting lower,” Kelly told CNBC. “The biggest potential short-term catalyst is increased trading in South Korea as that government re-embraces crypto.”

Bitcoin is currently trading at [FIAT: $7,945.90] down -8.05% according to Coin Market Cap at the time of this report.

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