Jack Dorsey, the billionaire co-founder of Twitter, told an audience in Tuscany that bitcoin could replace the U.S. dollar as the dominant world currency, and we could just be years away.
He told the audience that BTC is already seen as a store of value — like digital gold. But he said countries in Central America, South America, and Africa are using BTC to send money across borders to family “because of cost almost nothing to do.”
“You don’t have to walk into a Western Union; they don’t need to get permission; they could send money to their family and it’s received instantly,” he said.
He said they’re realizing BTC’s utility and “this will happen more and more.”
He said it could take some time in Western countries, but people will eventually grow tired of asking for permission to access their own money. He said the trend could take 15 years, but it could eventually have the ability to either compliment or replace the U.S. dollar.