Bitcoin price: Twitter’s Jack Dorsey hails cryptocurrency as future of global payments

Twitter boss Jack Dorsey has tipped bitcoin to become the internet’s “native currency” despite massive losses in the digital token’s trading value.

The US entrepreneur made the bold prediction while speaking on The Joe Rogan Experience, a podcast that attracts more than 4.4 million subscribers on YouTube.

“I believe the internet will have a native currency and I don’t know if it’s bitcoin,” Dorsey told show host and comedian Rogan. “I think it will be because all the tests it has been through and the principles behind it [and] how it was created.

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“It was something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet.”

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Dorsey added that his payment platform Square has supported bitcoin since 2014, allowing users to both pay for items with and trade in the cryptocurrency, Forbes reports.

“We would love to see something become a global currency. It enables more access, it allows us to serve more people [and] it allows us to move much faster around the world,” said the Twitter co-founder and CEO.

Despite such high-profile supporters, bitcoin is experiencing the longest stretch of declining prices in its ten-year history.

This slump began in December 2017 and has seen the cryptocurrency plummet from almost $20,000 (£15,300) to around $3,450 (£2,640) as of this morning, according to ranking website CoinGecko.

And there is little to suggest the digital coin will be recovering any time soon.

Bitcoin website NewsBTC predicts that the virtual currency is set for a “fresh decline”, after slipping past the $3,500 (£2,680) mark last week.