The cryptocurrency, and its underpinning blockchain, have serious implications for the business world, too.
Building a slide deck, pitch, or presentation? Here are the big takeaways:
- Twitter CEO Jack Dorsey said that the cryptocurrency Bitcoin will become the single currency of the internet and the world by 2028.
- Currencies like Bitcoin will impact the gig economy and improve fraud protection, while blockchain can add additional transparency and security to industries.
Eventually, one currency will rule all transactions in the world and online. And, according to Twitter and Square CEO Jack Dorsey, that currency is Bitcoin.
Speaking with The Times of London Wednesday, Dorsey said: "The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin."
But how long until that's a reality? Dorsey told The Times of London that it would probably take more than 10 years, but that the transition could happen faster than that.
SEE: IT leader's guide to the blockchain (Tech Pro Research)
Dorsey has put his money where his mouth is, recently allowing for Bitcoin transactions on the Square Cash app. The app allows for up to $10,000 worth of the currency to be purchased per week, according to our sister site ZDNet.
"We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step," Dorsey tweeted at the time.
However, a large portion of the business world and many financial regulators don't share Dorsey's views. US Securities and Exchange Commission chairman Jay Clayton recently testified that "there are many problems" with the operation of cryptocurrency markets. And some EU regulators have called cryptocurrencies "highly risky."
However, the popularity of the currencies continues. Cryptocurrencies like Bitcoin could lead to faster payments and lower fees for users. It could also open up new, targeted markets and enable easier person-to-person transactions, which could improve the gig economy and boost the prevalence of micro transactions.
Of course, there is also the blockchain, the distributed ledger technology that supports Bitcoin transactions. Businesses around the world are already using blockchain to improve cross-border payments, improve supply chain transparency, and clarify logistics.
There's no denying that the cryptocurrency market is volatile. But there is real business value tied up in the currencies themselves and the supporting technologies, if companies and regulators can come together on how best to utilize them.
What do you think?
Will Bitcoin be the one currency to rule them all? Let us know your thoughts in the comments.
- What is blockchain? Understanding the technology and the revolution (free PDF) (TechRepublic)
- Square Cash adds Bitcoin transactions for most users (ZDNet)
- Bitcoin: A cheat sheet for professionals (TechRepublic)
- The risky business of bitcoin: High-profile cryptocurrency catastrophes of 2017 (ZDNet)
- The difference between Bitcoin and Ethereum explained (TechRepublic)
- Twitter CEO says bitcoin will rule the world by 2028 (CNET)