Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Dorsey remains positive on Bitcoin’s future growth and said that the current development of the Bitcoin’s Lightning Network will solve the scalability issues giving the crypto a big boost.
Silicon Valley’s leading entrepreneur and Twitter founder, Jack Dorsey has recently lauded the much-celebrated cryptocurrency ‘Bitcoin’ by saying that it is all set to become the world’s ‘single currency’ replacing the dollar, just in a matter of next 10 years.
In his recent interview with The Times on Wednesday, said that he himself has been a long time investor in Bitcoin and believes that the cryptocurrency can take the center stage in world finance by overtaking the U.S dollar and becoming the next primary global currency used for payments.
Dorsey said that this could possibly happen in the next 10 years or even in a less time frame. He said: “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.” When asked about the current issues of scalability that the Bitcoin network is facing, Dorsey expressed his positivity in the current development of the network that would ease up all the difficulty in the end.
While praising the existing development in the off chain scalability solution of Lightning Network, Dorsey said “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.”
It is just last week that Lightning Labs has released the first version of the mainnet-ready Lightning network. Investors and project leads have appreciated this launch by saying that till date, this is the most thoroughly tested version of the technology. It was being reported that Dorsey had actively participated in the $2.5 fundraising round by Lightning Labs.
The Lightning Network is basically a second layer protocol developed atop the Bitcoin’s blockchain network, which takes transactions off the chain, thereby reducing congestion on the main network while expanding the blockchain’s operational abilities by manifold times.
Dorsey is also involved in many Bitcoin-related projects and is the CEO of payment company Square, who recently introduced the option of buying and selling Bitcoin directly from its Square Cash app. The company is also said to have released an illustrated children’s story that tells about the benefits of digital currency.
However, Dorsey is not the only famous and popular figure to support Bitcoin and make sweeping predictions for its future. The Winklevoss brothers who became the first Bitcoin billionaire investors during the Bitcoin surge last year are also quite bullish on the long-term story of the digital currency. The two brothers recently made a statement that Bitcoin can emerge as a digital gold of the future and had also predicted that Bitcoin can above $320,000.
Fundstart analyst Tom Lee also recently made a prediction while presenting a new Bitcoin Misery Index (BMI) and stated that the cryptocurrency can go as high as $91000 by 2020.
However, all these predictions are made on a long-term basis, the fact remains that Bitcoin has been correcting heavily since the start of 2018. This is because of strict regulatory measures introduced by different government bodies across the globe. Moreover adding to the recent woes has been a major crackdown by social media technology companies deciding to impose a ban on crypto ads.