Bitcoin's value has skyrocketed since the beginning of 2017, but people are holding onto the cryptocurrency rather than spending it.
Getty ImagesIt's likely most people worldwide still don't know what bitcoin is. But Twitter CEO Jack Dorsey thinks the digital currency will rule the planet 10 years from now or sooner.
"The world ultimately will have a single currency, the internet will have a single currency," Dorsey said in an interview with The Times on Wednesday. "I personally believe that it will be bitcoin."
Bitcoin and other cryptocurrencies aren't yet widely used for buying goods and services. Most enthusiasts appear to be more interested in holding onto their digital coins -- hoping they'll rise in value -- than in using them for transactions. And high transaction fees, high volatility and minimal adoption by merchants have slowed bitcoin's adoption as a regular currency.
But that hasn't deterred Dorsey from placing his bets on bitcoin. Along with Twitter, Dorsey is also the CEO of mobile payment company Square. In January, Square said it would let nearly all of its Cash app users buy and sell bitcoin.
Dorsey tweeted at the time that "we see it as a long-term path towards greater financial access for all."
Blockchain Decoded: CNET looks at the tech powering bitcoin -- and soon, too, a myriad of services that will change your life.
The Smartest Stuff: Innovators are thinking up new ways to make you, and the things around you, smarter.
Be respectful, keep it civil and stay on topic. We delete comments that violate our policy, which we encourage you to read. Discussion threads can be closed at any time at our discretion.