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Jack Dorsey expects bitcoin to become the world's 'single currency' in about 10 years

Evelyn Cheng

Twitter and Square CEO Jack Dorsey predicts bitcoin will be the single currency of the internet in the near future, according to The Times of London.

"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin," Dorsey said in a report published Wednesday. It would happen "probably over ten years, but it could go faster."

In less than a decade, bitcoin has rapidly evolved from being an object of fringe interest into a globally traded asset with a derivatives product on the world's largest futures market. The cryptocurrency surged from less than $1,000 at the start of last year to a record above $19,000 in December. Bitcoin was trading just above $9,000 Wednesday morning.

Bitcoin over the last 12 months

Source: CoinDesk

Dorsey has become increasingly involved in cryptocurrencies. In late January, Square's mobile payments app Cash began offering bitcoin buying and selling in most states. Dorsey was also part of a $2.5 million seed financing round announced last week in Lightning Labs, a start-up trying to make bitcoin transactions more efficient.

The Twitter co-founder and CEO told The Times that payment processing companies such as Square need to help make sure bitcoin becomes more widely accepted. But he acknowledged that bitcoin "does not have the capabilities right now to become an effective currency."

"It's slow and it's costly, 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," Dorsey said in the report.

Read the full Times story here.