Twitter and Square company CEO Jack Dorsey recently endorsed the Bitcoin Cryptocurrency, predicting it to be a future and single global currency. The billionaire trusts that the Cryptocurrency will dominate the Internet, widen its worldwide usage and overtake the dollar in importance to become a global Internet currency in only a decade or less.
This news has been positively received by Bitcoin users who have seen the currency push up by almost 1% as at press time to approximately $9,089 per coin. The coin’s market capitalization has ascended to over $153.9 billion as well. The previous year has seen massive success for Bitcoin, which saw its early adopters turn into billionaires in a matter of months; a success 2018 is yet to reveal-we shall see why.
The currency, which is the most popular right now, was created in 2009. Blockchain technology enables it to exist in the form of computer code strings in an un-editable public ledger. Bitcoin’s 2017 success saw the booming of rival Cryptocurrencies in the market.
Dorsey acknowledges that the currency will sure face intimidating technical challenges before it is predicted widespread. He also admits of the slow and costly nature of the coin at the moment but quickly enlightens that as time flies; more technological advances will make the system more approachable. More people will then acquire the currency in addition to the currency’s already massive base.
Does he mean it?
By Dorsey’s action in the past few weeks proves that he means business. He is among a list of contributors for the Lightning Network, a Lightning Labs product, working on technology to make the Bitcoin network cheaper and instant.
Only recently, the network launched the 0.4-beta, which coincided the seed-financing round. The event, which saw $2.5 million raised attracted high profile crypto and financial figures including Lite coin creator Charlie Lee, ex PayPal’s David Stock and Jackeline Rese and Jack Dorsey, both or Square Capital.
In addition to his funds support, Dorsey’s other company Square also announced its support for the Cryptocurrency. The company recently announced plans to extend support to bitcoin by facilitating the consumer to merchant payments via the currency.
Rough Times for Bitcoin
The billionaire’s attitude towards Bitcoin is divergent to the recent happenings in the crypto industry. Only last week, Facebook updated a policy that will see its network ban all crypto related adverts on its site, citing possible scams to its users as the reason behind. The ban will take effect beginning June 2018. This was only weeks after Google announced the same for similar reasons.
It was anticipated that Twitter would follow suit, especially in the wake of the implementation of new advertising policy early next month-April. The news of Twitter’s CEO support for bitcoin has certainly halted these anticipations. It will be interesting to note the developments.
2018, so far, has not been kind for the Bitcoin Cryptocurrency. Especially considering the boom in December 2017 that recorded an upsurge of nearly $20,000, what followed was plummeting of prices and February recording as low $6300 low. As at press time, the price was sitting at nearly $9,000. There is hope.