Bitcoin WILL take over US dollar as 'world's dominant currency' claims Twitter chief

Jack Dorsey is a noted bitcoin investor himself and suggested the shift could happen within a decade or perhaps less.

Mr Dorsey said: "The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin."

But he did concede that bitcoin is facing scaling issues which makes it “slow and costly” although the entrepreneur argued new solutions will ease the difficulty in the end.

He added: "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.”