Twitter co-founder and noted Bitcoin enthusiast Jack Dorsey believes that the world’s top cryptocurrency is poised to change the world. And he thinks that change is coming within a matter of years. 

Speaking at an exclusive gathering for the summer solstice hosted at a castle in Tuscany, Italy last week, Dorsey expressed confidence to a high-profile audience that Bitcoin will soon graduate in the West from a store of value to a dominant, permissionless currency that holders would want to use daily. 

“It’s going to take some time,” Dorsey said during the intimate talk, titled “Tech and Freedom,” at the event hosted by legendary music producer Rick Rubin. “It’s not 10 years, it might be 15. Little by little, people see the value of this system [and] why it’s so powerful.” 

At that point, Dorsey said—when Bitcoin becomes a go-to means to complete transactions not just in the Global South, but everywhere—the on-chain currency could dethrone the dollar to become Earth’s next global method of payment.

“It could potentially… complement or replace the U.S. dollar, which rules everything,” Dorsey said, wearing a Satoshi Nakamoto t-shirt and gold chain. 

The tech entrepreneur, who also founded financial technology firm Block, emphasized the importance in his eyes of turning the global economy away from its current dependence on both the U.S. dollar and the Chinese yuan.

“These are two entities that control the value of your money, and you don’t elect them,” Dorsey said of both government-issued currencies. “Whereas [with] Bitcoin, you have a lot more control and a lot more free agency.”

Dorsey has long been one of Bitcoin’s most prominent advocates. In May, he predicted that BTC’s price is poised to eclipse $1 million by the end of the decade.

Block recently committed to reinvesting 10% of its gross profits from Bitcoin-related products and services back into buying up more of the cryptocurrency. The company, which developed Square and Cash App, is also reportedly under investigation by U.S. prosecutors for alleged crypto-related compliance lapses.

Edited by Andrew Hayward

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• Source: https://decrypt.co/238168/bitcoin-replace-us-dollar-twitter-founder-jack-dorsey