Bitcoin Forum

Bitcoin Will Be World's 'Single Currency' Says Twitter CEO

Jack Dorsey, chief executive of Twitter and payment company Square, has spoken of his strong belief in the future potential of bitcoin.

In an interview with The Times published Wednesday, Dorsey, himself a noted bitcoin investor, said he believes the cryptocurrency will take over the U.S. dollar's dominant place in world finance and become the primary global currency for payments.

Suggesting the shift could happen in 10 years or perhaps less, the entrepreneur said:

"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin."

https://www.coindesk.com/twitter-ceo-jack-dorsey-bitcoin-will-be-the-worlds-single-currency/

I hope this press release from twitters chief executive is now a favorably action towards bitcoin and the whole cryptocurrency since we are one of the largest users of their site,we advertised every single minutes using their platforms for every ico thats going now.and even other coins like bitcoins for publicity and popularity..but if this a real message from a believer well this might be a positive feedbacks that must be spread to the whole communitu

Wooh. I like twitter now and I think I need to be more active on that place for support. This will be a gamechanger from all bad news coming out, this would turn back the bitcoins hype and craze. This is what we’ve been waiting for, a run for $10000 is more possible now when this news will spread to the community. Common reaction by an investors and user like me is damn jumping.

Agreed, if similar positive news rolls out often it will help with the growth of cryptocurrency in a combined manner. Recently Twitter too came up with some plans to eliminate the ICO and cryptocurrency related ads from users who use it apart from their personal accounts. Hope for a good thing to happen with support from high profiled firms. If Google too comes forward with similar decision it'll add more power to cryptocurrency.

I hope that, along with bitcoin, which will be a single currency for international payments, there will also be altcoyins who do not claim this role. I also like many tokens that do very useful work in various areas of our lives. They should continue to bring comfort and convenience to people.
In connection with the above statement by the executive director of Twitter, I also think that there will be no additional bans on the crypto currency in this network.

This is a very favorable press release for Bitcoin and I assume for the whole cryptocurrency movement. I am sure that we have a good supporter in Twitter's CEO. And while am concerned about the stand of Facebook on Bitcoin-related ads, I am hoping that Twitter will not be following the same stand and will not be restricting ads especially with ICO programs though they can screen programs so that scams are not permitted to get in.

Indeed, I really like the way the Twitter CEO put in. This is really a welcoming news as a Facebook has set a precedence of banning crypto ads. Although I believed that Twitter will follow, but most likely its not what as everyone should expects. Just maybe not a total crypto ban, but warnings for there users about the investing on crypto, perhaps it will be added to their terms and policies. Lets see how it goes for Twitter and the rest of the social media giants.

Agreed, even though there was a great future predicted for Bitcoin, Altcoins should still exist and be used for numerous causes. But it really seems like Twitter is gonna go in same direction as Facebook and Google, it is now swarming with discussions about Crypto world, blockchain, Bitcoin and fake accounts impersonating someone else or real companies, with the aim of using their influence to raise money. Anyway, we'll see it in next two weeks I guess

I like how high level entities speak out like that, but it doesn't hold much realistic value. I hope I'll be wrong on this of course, but people quite often tend to lose track of reality due to their believe in Bitcoin.

I just can't see governments be willing to grant Bitcoin that much freedom to let it grow out to the main world currency Jack believes it will be. I rather see it as a gold 'competitor' serving multiple purposes, which is great already.

I strongly believe that fiat and Bitcoin can coexist without any problems. We just have to accept that in order for Bitcoin to become that main currency, we need the mass to use it as such, and that's just not going to happen.

IMO it doesn't matter to which extent Jack Dorsey's predictions are realistic. What is important is that being a Twitter CEO he is a respectable person to words of whom people try to listen. I personally don't think Bitcoin will replace fiat in a foreseeable future, but I'm sure it will be valued much more than now in couple of years and those who have chosen to invest in it will not regret it. That's why I think that Jack Dorsey is doing a good thing by saying that the future of Bitcoin is bright. More news like this will make less people panic sell, for which they will be thankful later.

this is a very big statement and its very interesting that its from
someone with a high financial profile such as the "chief executive of Twitter and payment company Square"

I cannot believe it though, at a time when the G20 had crypto
currencies on their agenda this week and Facebook, Google
banning ICO and crypto ad's and of what most high profile financiers
are saying, this goes against all that.

its good though  :)

This is such an irony with the ongoing buzz about twitter banning ads of crypto currency on their platform .
I know that in the past , the twitter CEO has made many such statements making some strong favorable comments about bitcoin . But it was bit of a shock when there was rumor of twitter shutting their doors for its advertisement . I Hope this positive thought brings out some positive outcome to bitcoin and the other crypto currencies.

It's a great bullish opinion, but that's about it. I just don't like how he's throwing around with a certain time frame in which he thinks it might be going to happen. Don't get me wrong, but he has all the incentives and motives to praise Bitcoin as much as he can as an investor. It's a form of bias that somewhat makes his statement a bit less valuable for me. That's just my opinion. I can perfectly understand why people find it a joyful opinion, especially so in times where we have been bombarded with negativity, fud, fake news, etc. I want him to somehow incorporate Bitcoin into the Twitter platform as tipping tool for valuable Tweets and whatnot, that would be a much better contribution from his position....

Yeah, but just because Twitter's CEO said that, does not mean he is totally right as no one can predict the future nor can know the rise or fall of bitcoin. But let's be optimistic. And as a matter of fact, bitcoin is really facing many threats and many obstacles. And I am really surprised by how it is still on its foot (not literally). But bitcoin has many supporters.

yeah right,theres no chance even in future that fiat would be replaced by bitcoin since this two different currencies has theyre own function in the whole world,one will be needed by another in the following generations..whats important about this news is the impact oir community might have since one big man is coming to town for positivity.

Hope that this guy won't ban all crypto ads after these words. Stupid to bully on a "single future currency" as he claims =)

I'm not sure if it good or no
nevertheless interestiong opinion from a person who is running a services which is heard to bal crypto ads

This, to me, is surprising given that only just a few days ago, there has been news on Twitter signifying its ban against ICO ads. One way or the other, I am sure Dorsey has some balls about it. And now, I hear him saying positive things about Bitcoin? Making me wonder if this is yet again another press release? Another influencer, perhaps? We can never tell. I just hope their (Twitter) banning over ICO ads is not exactly accurate, otherwise, Dorsey is seriously in hot water due to conflict of interest.

That would make people ridicule him. He chose to play the crypto advocate, so he will remain like that. Crypto nowadays is a way to become popular, sell yourself in the media. It's almost as easy to get noticed if you're for as it is if you're against it. Just look at Jamie Dimon. He was against it, got quoted, now he changed his stance, got quoted again. He's riding the wave like a pro :D

Finally, a good news from one of the great social media platform. Recently, there was a buzz that Twitter may also decide to ban crypto related stuff but this statement definitely adds value and hope for people that when everyone is closing door Twitter may continue to help and spread the word of crypto currency.

Well , I agree with the opinion of " Jack Dorsey" , I think that Bitcoin will be the first and single currency that used globally and some other currencies may disappear like, FIAT ( Euro, dollars... ) especially if Bitcoin will develop significantly in the future. Otherwise, if  the countries or governments cannot destroy bitcoin and other cryptocurrencies in general then it is very expected, that they will recognize it, as a legal and single currency.

Furthermore, it is true that the era of internet has a significant impact on the spread of bitcoin's users , also their development , because it is simply an digital currency and It has many advantages. I guess  the collective recognition will be in less than 10 years ( maybe between 3-5 years ).

It's happening as many people can use bitcoin to purchase almost everything in the other side of the world even for a house, as long as there is a merchant or company that accept bitcoin payment, we have read all those news.

Fiat currencies won't disappear, every country will try the best to keep the value of fiat currency at any cost due to it's one of the identities of a nation.

Governments can't destroy bitcoin obviously as it's decentralized. But they can ban cryptocurrency, ban mining and ban exchanges and then it's over, such as happened in China.

Well, it is good to hear a huge social influencer talking positive about bitcoin, especially with a reputable new outlet. However, he has to stand firm with his support, as news came out a couple of days ago that Twitter is preparing bans on Crypto Ads, ICOs etc. Hopefully this interview goes against the news source 5 days ago.

https://news.bitcoin.com/report-twitter-prepares-ban-on-crypto-ads/

Jack Dorsey is one of the few executives of large companies who support and believe in cryptocurrencies. Of course, his statements can uphold Bitcoin’s price for a while. Quite interesting to see what is gonna happen with a price if ICOs will be banned.

this one is a real commentator,and i salute him for being truth..since single future currency is impossible to happen as the fiats are incredibly needed by all means and bitcoin cant support the transaction of the world..this BIG PERSONS aren't reliable at all.because what they are saying today,will be different from tomorrow

Personally, I think that bitcoin is the first step to unifying the whole world. He is an example of the fact that people use him as a single structure of the life chain.
Just look at the development of other countries in the circle of oneself. First we will be convinced that we do not need our own currency in every country. Then think about why we need a country and borders, if there is a whole world, and there will be only one city. Perhaps lead to the disappearance of the world conflict

Ya, this is more dreadful to think than anything else as coming with this step will block crypto from 3 big giant companies Google, Facebook and Twitter. But this statement has given a sense of insurance that things are likely to work good under Twitter banner but nothing is guarantee. As one see regulations move every another day, Twitter can also change its stand anytime.

Doubtless that Twitter will follow Facebook and Google in the case of ICO adds banning and I am sure that's for good.
The announcement from Twitter's CEO can move the price for bitcoin up, cause of such crypto positive and professional points of view usually bring such affect on the price.
BUT! Just imagine what price for bitcoin should be setted to it would be 'single currency'! One Satoshi should cost like a dollar to satisfy all needs in this 'single currency'!

Bitcoin will not be the only world currency in ten, not a hundred years. This is impossible in principle. This is impossible from the political point of view, and from the point of view of the laws of economic development. From an economic point of view, bitcoin can not be the only global currency, because bitcoin is very volatile in price and therefore planning the economy of any country in bitcoin is impossible. From the political point of view, so that bitcoin could be the only global world currency, it is necessary for states to unite in their economic and political development, in that case their economies will be interconnected and depend on each other.

Yes, if Twitter also blocks cryptocurrencies' advertising, it will be a big damage to the entire system and the new ICOs first and foremost. So, new project's can be promoted only on this forum, Reddit and I think it is going to be 10 times worse comparing to bitcointalk.

I heard that Twitter is going to ban all crypto ads, now he says that BTC will be the single crypto, that's strange

Yep, why not. It is decentrilized, it is powerful and much more convenient compared to fiat currencies. But I would say that we have more advanced altcoins, more secure and anonymous

The CEO is making us confuse by saying 2 opposite statements and does not know how to react to this. Does he really think bitcoin could be a single currency in the mainstream and if yes why he is banning the crypt ads on twitter?

do I agree with him-no
the only currency on Earth? give me a break,we are not even close to that stage of the globalisation yet
and his 10 year period of time is riduclous,should have said 20-30 at least to not be ridiculed in 10 year's time
but if you look at it from the point of view of the price manipulation,it sends a good signal for the  bulls
think the price will be going up or at least not taking a nosedive,which everybody feared it would

The reason for ban on crypto ads is not that Twitter is against cryptocurrencies or blockchain. The reason is large number of scam ICOs and crypto "services" like HYIP programs. And they thought that they need to protect users against these scams. But in general, they are in favor of the technology.

There is no contradiction in his words; on the one hand he is a true fan of cryptocurrency, but on the other hand he must obey the rules. I think, when he is talking about future of cryptocurrency as a single global money he doesn't mean bitcoin first and foremost.

finally it was claimed that it isn't a buzz... it is reality now. unfortunately =(

Wall Street analyst predicts the price of BTC to be more than $91,000 till the end of 2020, Twitter CEO says that BTC will be the only currency. I see postove changes in crypto news =)

I do not think that bitcoin can ever become a single global currency in the world. He is too volatile for this by nature. Constant sharp ups and downs in the price will not allow bitcoin to become the only world currency, it simply unbalances the economy of any country. Bitcoin can become one of the world's currencies, but not the only one. Yes, I do not think that many states will want to switch to the use of only digital currency, yet the digital currency carries significant risks.

And after all that has been said and done, this is their public statement? I want to give the benefit of the doubt as to why this Twitter CEO has to publicize the fact that he is connected with Twitter when he himself can do so as his own private individual? I mean, shall we expect something worse than this? The news have all been jammed up because of write ups that complicate the stand of the powerful and influential. The proliferation of unverified news has been rampant which, as they say, comes with the technology being in the hands of the people. This happening virtually affects the mindsets of Bitcoin investors resulting to its poor price performance.

Right now with only 30 million coins and growing political support from g-8 and g20 countries like Germany and South Korea, bitcoin has a valuation of nearly 150 billion us dollars, in a decade many predict it will reach 1 trillion USD, maybe even more, it's financial treasure.

It's very possible that this scenario will unfold.

However, I personally think that there will never be one single currency per se globally. I do believe that bitcoin will become more and more adopted in the future, and I do think that bitcoin could well be the de facto currency for all international trades on the internet or whatnot. But it's extremely hard to see that all fiat currencies will be abolished in 10 years time.

Bottom line is that bitcoin will at least see an increased role in the world economy as a store of wealth especially for those in countries with faltering economies, even if it doesn't fully replace fiat.

To be honest, I have serious doubts that bitcoin will at some point become the "worldwide single currency" that some supposed visionaries have insisted on announcing. I believe that in order for the ideal of decentralization to remain intact, there must be not only a dominant actor in the scenario, but serious competitors in cryptospace that promote diversity, competition and development, so I would expect that in the future there will be at least five or six cryptocurrencies with similar popularity and acceptance than bitcoin.

Unless each one is radically different in some way then I don't think this will happen. Humans naturally gather around the biggest game in town. Not once have I ever put money into LTC or Doge as I believed they deserved some. I'm going to go straight to the source.

This is a bit extreme, bitcoin is and will be the cybergold but to be used as single currency it will be difficult.

It's hard to come even close to what Bitcoin stands for in terms of decentralization. Everything that we see launch today is either a project ran by a bunch of geeks who haven't had a shower in a while, or some corporate bobos thinking they re-invented this whole industry. In all cases there is a public face behind the project that subject itselfs to all sorts of central single points of failure.

If you try to dump the source code of a certain project in the wild public and then vanish in the hope it will get the same treatment as Bitcoin back in the days, you'll come back a couple of years later to see that no one even bothered to pick it up. It's next to impossible to even form a remote competitor in that regard.

The crypto industry is more diverse than it has ever been, but the incentives are different now. Decentralization is no longer the priority, scalability is, which means that projects don't even bother to act as a decentralized incentive anymore. They just want the economical numbers on their side.

It's going to take some time for enough people to figure it out but eventually they will and that is for most things 'blockchain' is a pointless pain up the arse.

The only thing that actually justifies the hassle is decentralisation and virtually nothing other than bitcoin and a handful of others actually is. What remains will be some clunky code best abandoned followed by a return to databases.

I definitely remain unconvinced about the idea that blockchains are going to "disrupt" most industries. Outside the context of securing money, resisting censorship (including cross-border and sanctioned transfers), and private transactions (e.g. Monero), I don't see viable use cases that justify the inefficiency of decentralization. That's not to say they won't emerge -- I just don't see anything compelling. Smart contracts are an interesting area for study, but I haven't seen anything useful. For now, it's just a horribly inefficient mess of "Hello, World" level crap.

But also, I do think Patrick Byrne was onto something with his vision of security tokenization. We might be annoyed by all the scams and vaporware emerging from the ICO scene, but tokenized securities built on decentralized blockchains do break down barriers for investment, fundraising and securities trading. With the drop in hype we've seen, there's naturally a lull in ICO activity, but I think there will be a lot of renewed interest in that space over time.

I haven't really looked into securities but the principle does sound promising, vastly more so than the nonsensical shit floating around now.

My feeling is that blockchains will become ubiquitous in places that have barely been thought of yet and where they're being touted now will seem laughable looking back.

What's truly needed is one event/threat/disaster to really nail into people how vital decentralisation is. Until they get it thrown in their faces they're going to continue whining about how 'impractical' it is and be desperate to throw it away when we all know that once it's gone it ain't coming back.

It's nice to hear big names on the internet industry who gives huge support on bitcoin or maybe it only happened because they are not Paypal. But I also agree to his predictions that the crypto takeover will happen in less than a decade.

I would not like to have a single currency and a single currency, no matter how good and functional it was. I want to have freedom of choice and the ability to use different currencies, rather than dictate a single currency. Therefore, I hope that the crypto  currency  will continue to develop in different directions and many useful and promising coins and tokens will appear.

I think that no decentralized crypto currency will become a single currency for the whole world. Such a crypto currency has too much volatility to qualify for this role. And another currency also does not have a great chance to become a single currency of the world. Many states simply do not agree with this, for various reasons.

Good points, not to mention also that the value behind the bitcoin ecosystem is what helps to keep everything safe.  Without the value there to secure the chain, none of these other coins will last.  (Besides the fact that few offer anything additional of value.)

That would be perfect, i think that it could happen in future but we will need to wait some more months or years, bitcoin could be first in every step of economy in most of the countries in few next years.

How can bitcoin become the main world currency for making payments with such high volatility? This is absolutely unrealistic. At the international level, I only heard of one trade deal last December between Russia and Turkey. I think that then one of these countries lost. It seems that it was Turkey as the buyer of the goods. This country, by the standards of bitcoin prices this year, overpaid Russia three times more. I think that after that they will refuse from transactions in the crypto currency.

I don't think it will be Bitcoin itself

As it is not very useful overall as a universal means of payment, I mean on the highest possible scale. And one of its major problems lies with the fact that its transactions are irreversible, so a fat finger may ruin a whole corporation in just one click. The problem can be mitigated a little by using Bitcoin notes, where no actual bitcoins get moved around pretty much in the same way as gold was and still is used for final settlements between countries (e.g. like the late USSR had been buying wheat for gold in Canada in 1970's). Further, why would any corporation like Apple or IBM rely on a bunch of rogue and crooked miners who are quite unpredictable in their behavior? If it ever comes to that, I'd rather think of a corporate coin or a bank coin if there is no more trust in the US dollar but not until then

That's the typical scenario in the future if bitcoin and crypto will be fully adopted by people as an alternative payment for goods and services being  rendered globally. Moreover, the realization of a cashless society can make this topic of the OP as a common thing because everypeople are already using digital currencies.

Yep. Any system that is:

• Strictly information based
• Token based
• Subject to fraud

is a good fit for blockchain. The facepalm media stories come from using blockchains to verify physical items in the real world, or something digital that's consumed in analogue form at the endpoint (i.e. music and films). If someone can just rearrange some barcode stickers on your infallible blockchain based supply chain tracking system, then you've achieved zero increase in the validity of your tracking data.


Re: World's "Single Currency"

Bitcoin already is a worldwide single currency, it's accepted almost everywhere. It's not the dominant currency anywhere, but it's a worldwide currency nonetheless.

can you please explain more? why did u think that it would be the world's single currency?

i think it's kind of a good idea because people can travel around the world without having any problems that they don't have the currency of the said country.

This thought or statements came from the ceo of twiiter are very helpful for the bitcoin
Hope the community are same positive position of their mind bitcoin future boom soon
And hope twiiter ceo help to advertise bitcoin and crypto to spread bitcoin future currency

I sure wouldn't be surprised to hear that Twitter has launched their own coin. Everybody is gradually getting interested. It seems these guys who pioneered some major developments in the digital are mostly positive about crypto. It seems they know the power of a digital revolution. As for the old men, they're just jealous of us and so they won't say good things about us.