What is the endgame for bitcoin?

This is the continuing debate among the virtual-currency community. Skeptics label it a scam and a fraud, predicting it will crash and eventually to a value of zero, and at the other end of the spectrum, champions believe it to be the future of money and that blockchain, the distributed-ledger technology underpin cryptocurrencies, will become the single marketplace for recording keeping and transacting.

Read:Bitcoin’s intrinsic value ‘must be zero’: Allianz

Speaking to the Times of London, Jack Dorsey, co-founder and CEO of Twitter TWTR, -0.62% and payments platform Square Inc. SQ, +4.21% put his chips on the table, saying bitcoin BTCUSD, -0.18% will eventually be the worlds single currency.

“ ‘The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin’ ” — Jack Dorsey, co-founder of Twitter

Dorsey is already a proponent of the decentralized technology. The Silicon Valley entrepreneur recently joined a consortium of investors that poured $2.5 million into Lightning Labs, a San Francisco-based startup, that hopes to both increase blockchain transaction speed while reducing costs.

Dorsey joins a host of industry participants who have sweeping predictions for digital currencies. The Winklevoss twins, Tyler and Cameron, are atop the list, saying it will eventually replace gold and believe its price could be worth as much as $320,000.

The value of bitcoin has had a volatile start to the year, losing as much as 40% as regulatory concerns pushed the price of a single coin below $7,000 in February. However, some more upbeat news from financial bodies has seen it regain some of 2018’s losses, moving back above $9,000.