The Chief Executive Officer of Square Inc (NYSE:SQ) and Twitter Inc (NYSE:TWTR), Mr. Jack Dorsey is upbeat on the prospects of Bitcoin. He said it will become a single currency for worldwide transactions in the next decade.
He further said, Bitcoin will be used to make payments for simple things like coffee, and tea etc. According to the news revealed in November 2017, Square will enable the transactions involving Bitcoin in its Cashapp.
Mr. Dorsey holds some investments in Bitcoin. He also holds a stake in Lightning Labs, a startup involved in the development of technologies to facilitate buy and sell using the Bitcoin. He has pumped in $2.5 million in this startup.
Many renowned experts in the world touted that Bitcoin will eventually replace the Gold and Dollar when it was launched. But, the cryptocurrency is facing rough weather after reaching a high of $20,000. It finally settled down at below $8,000.
According to Mr. Doresey, the bitcoin is sluggish but will change the course with everyone started using worldwide. He will support the bitcoin through his mobile payment company – Square.
Many notable entrepreneurs and early adopters will not go wrong. The notable personalities like Li Ka Shing and Mr. Richard Branson hold considerable investments in Bitcoin. The bitcoin payment processor has attracted an investment of more than $30 million from Mr. Richard Branson.
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Some of the prominent companies like Amazon.com, Inc. (NASDAQ:AMZN) and Micron Technology, Inc. (NASDAQ:MU) have begun accepting cryptocurrency – Bitcoin as a legitimate payment option. It is also rumored that Facebook, Inc. (NASDAQ:FB) holds considerable investments in Bitcoin.
Other multinational companies like Dell Technologies Inc (NYSE:DVMT), Virgin, and Bloomberg have already stepped into the Bitcoin.
Should HSBC Holdings plc (ADR) (NYSE:HSBC) and The Western Union Company (NYSE:WU) Worry about the new entrant?
They should be fine if the technologies are fine-tuned to include Bitcoin in their currency portfolio like other companies.
Cryptocurrency is here to stay. It may witness rough weather like NASDAQ and will bounce back. It is likely to scale to new highs.