Twitter co-founder and famous Bitcoin advocate Jack Dorsey made a bold prediction about the future of BTC.
He believes that the world's largest cryptocurrency is on the verge of transforming the global financial landscape and that this change could happen within the next few years.
Dorsey shared his views at a special summer solstice meeting held at a castle in Tuscany, Italy. He told the highly placed audience that Bitcoin would transform from a store of value into a dominant, permissionless currency that holders would want to use on a daily basis in the West.
During his candid speech titled “Technology and Freedom,” Dorsey said, “This will take some time. It may not be 10 years, it might be 15 years. People are slowly seeing the value of this system and why it is so powerful.” said.
He also suggested that this on-chain currency could potentially dethrone the dollar and become the next global payment method as Bitcoin becomes the preferred means of processing transactions around the world, not just in the southern parts of the world.
“Bitcoin could potentially complement or replace the U.S. dollar that rules everything,” said Dorsey, wearing a Satoshi Nakamoto T-shirt.
Dorsey, who is also the founder of financial technology firm Block, spoke about the importance of shifting the global economy away from its current dependence on both the US dollar and the Chinese yuan. He pointed out that these are two entities that control the value of money and that he does not have the authority to choose them. In contrast, Bitcoin offers much more control and free agency, according to Dorsey.
*This is not investment advice.