Jack Dorsey, Twitter CEO and Square founder, in November 2014. Photo: Cellanr / CreativeCommons

Jack Dorsey, the CEO of Twitter, says Bitcoin will become the single global currency within the next decade.

Dorsey told the Sunday Times that “the world ultimately will have a single currency, the internet will have a single currency” and said he personally believed that currency “will be Bitcoin.” This would happen in about 10 years, but “could go faster.”

The Twitter CEO, revealed recently as a major backer of start-up Lightning Labs, that will specialize in developing technology to make bitcoin cheaper and faster to use, is also chief executive of payment platform Square.

In November Square said it would be possible for American users to buy and sell bitcoin on the platform but since then the virtual currency’s value has dropped sharply and Dorsey accepted that the virtual token “does not have the capabilities right now to become an effective currency”.

“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable,” he said.

The tech entrepreneur co-founded Square in 2009. The mobile payment platform offers users next-day settlements, via distinctive small white credit and debit card readers that can be read by smartphones and tablets. It is now launching an instant deposit service that will allow merchants to see payments in their bank accounts within 20 minutes of a transaction being made.

Dorsey is also a personal investor in Bitcoin and seems to have been pressured a few weeks ago into Twitter reportedly joining Facebook and Google in banning crypto-currencies adverts although Twitter has made clear there will be certain “exceptions” to the ban.