Bitcoin News Monday, March 26 Single global currency, Sunday times newspaper, Blockchain technology & more…
Bitcoin News TLDR / Table of Contents
- Twitter CEO Jack Dorsey says bitcoin will eventually be the single global currency
- Jack Dorsey, who runs Twitter and Square, told the Sunday Times that bitcoin will eventually become the single global currency.
- single global currency, Sunday Times newspaper, Jack Dorsey, Sunday Times website,
- Google is ‘actively looking’ at how it can use blockchain technology, its head of advertising says
- Sridhar Ramaswamy said Google has a small team looking at blockchain and that the technology has a lot of promise
- blockchain technology, core blockchain technology, senior advertising executive, product announcements, official product announcements
- A primer on blockchain-based versions of central-bank money
- BITCOIN, Ethereum, XRP, Stellar, Cardano: the infant world of cryptocurrencies is already mind-bogglingly crowded. Amid the cacophony of blockchain-based would-be substitutes for official currencies, central banks from Singapore to Sweden have been pondering whether they should issue digital versions of their own money, too.
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- Jack Dorsey, the CEO of Twitter and Square, expects bitcoin to become the single global currency within the next decade, he told the Sunday Times newspaper.
- Dorsey, a personal investor in bitcoin, expects the cryptocurrency to be used for simple things like coffee and said its ascendance to world’s currency will occur over 10 years, but it could go faster, the U.K.-based paper reported.
- Square said in November that it would start enabling the buying and selling of bitcoin on its Cash app.
- Dorsey is also an investor in a star-up called Lightning Labs, which is developing technology to make bitcoin faster and easier to use.
- Dorsey told the Times that bitcoin is slow and it’s costly, but as more and more people have it, those things go away.
- Google is looking at whether it can incorporate blockchain technology, its most senior advertising executive said Wednesday.
- Sridhar Ramaswamy, Google’s senior vice president of ads and commerce, said the company was researching the technology, but had no official product announcements to make.
- The core blockchain technology is not something that is super-scalable in terms of the sheer number of transactions it can run, he told an audience at the Advertising Week Europe conference in London, as part of a question-and-answer session on Wednesday.
- Ramaswamy added that the frictionless nature of the technology has applications in money transfer.
- The promise of blockchain of course is twofold: one is friction-free value transfer, you can think of it as money transfer working at scale with no friction and that can have an amazing effect on society, because it’s hard to move money.
- Existing central-bank money comes in two flavours: notes and coins available to anyone; and reserve and settlement accounts open only to commercial banks, already in electronic form (though not based on blockchain) and used for interbank payments.
- A CBDC open to all would in effect allow anyone to have an account at the central bank.
- Should they bear interest, that would affect demand not only for CBDCs but also for cash, bank deposits and government bonds.
- Banks may have little choice but to pass changes in the CBDC rate on to depositors.
- In times of stress, depositors flee wobbly banks for safer homesand a CBDC would allow digital runs to the central bank.
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