Jack Dorsey, chief executive of Twitter and payment company Square, has spoken of his strong belief in the future potential of bitcoin.

In an interview with The Times published Wednesday, Dorsey, himself a noted bitcoin investor, said he believes the cryptocurrency will take over the U.S. dollar's dominant place in world finance and become the primary global currency for payments.

Suggesting the shift could happen in 10 years or perhaps less, the entrepreneur said:

While conceding that bitcoin is faced with scaling issues right now, making it "slow and costly," Dorsey nonetheless argued that new solutions will ease that difficulty in the end.

“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.

In fact, Dorsey is putting his money where his mouth is in an effort to bring about faster, cheaper bitcoin transactions.

Last week, CoinDesk reported that Dorsey had participated in a funding round that raised $2.5 million for Lightning Labs. The startup has notably just launched its beta version of the Lightning Network, a protocol layer built above the bitcoin blockchain to speed up the transaction process, as well as lower fees.

The investment followed Square's trial, announced last November, which allowed limited users to buy and sell bitcoin over its payment application, Cash App.

Following the test, Square is now offering the bitcoin service in the U.S. state of Wyoming, and is reportedly seeking for a so-called "BitLicense" to extend the option to New York.

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