Published On: Thu, May 17th, 2018

Bitcoin set to be the world’s dominant currency? Twitter CEO backs BTC in crypto ‘battle’ | City & Business | Finance

Jack Dorsey, who is also the CEO of Square, an IT service management company, declared his hope Bitcoin will continue to establish itself as a primary method of payments.

He said: “I hope it will be bitcoin.

“I’m a huge fan.”

Mr Dorsey added the internet “deserves a native currency” but admitted he was not certain if Bitcoin would prove to be successful in the long term.

He went on: “I’m just approaching with the principle that the Internet deserves a native currency.

“It will have a native currency. I don’t know if it will be Bitcoin but I hope it will be.”

The CEO declared if cryptocurrencies were used as a global currency it would allow Square to enter new markets around the world more easily.

He remarked: “If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we’re in.”

Mr Dorsey revealed discussions at Square have centred around the future of Bitcoin as the future for all payments.

But he insisted a lot of “skepticism” remains about whether crypto could be used for such a purpose.

He explained: “We’ve led with that mindset.

“But there’s still a lot of skepticism and a lot of debate and a lot of fights.

“But that’s where the magic happens, where creativity happens.”

Although Bitcoin has established itself as the highest valued and most recognised cryptocurrency, it remains incredibly volatile.

BTC is trading at $8,379.01 at the time of writing.

However the cryptocurrency has only added 4.31 per cent to its value in the last month and has plummeted by over 10 per cent in the last week.

In the last seven days Bitcoin’s price has crashed by over $900.

Rival cryptocurrencies Bitcoin Cash, Ethereum and Litecoin have similarly experienced downward trends in the last week.

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