It is looking like another positive day for the cryptocurrency market. In afternoon trade it is up slightly since this time yesterday to US$352.2 billion according to Coin Market Cap.
During this time the bitcoin (BTC) price has pushed higher and is up almost 1% to US$9,089 per coin at the time of writing. This has increased its market capitalisation to just over US$153.9 billion.
Why is the bitcoin price climbing higher?
The bitcoin price was given a lift today after Twitter and Square CEO Jack Dorsey spoke positively about the cryptocurrency to The Times.
According to the report, Mr Dorsey has predicted that bitcoin will overtake the U.S. dollar in importance as it becomes the single global currency of the internet within a decade.
He isn't concerned about recent volatility or slow and expensive processing times, instead believing that the cryptocurrency will eventually overcome this and be used for everyday purchases like your morning coffee.
Dorsey has long been known to be an admirer of the cryptocurrency and his Square business was one of the first on Wall Street to embrace it. The payments company allows users in the United States to buy and sell bitcoin through its Cash app.
He also recently invested in blockchain start-up Lightning Labs which functions as a software layer that sits on top of the bitcoin network.
Should you buy bitcoin?
While I agree with Dorsey that bitcoin could have a very bright future ahead of it, there's still a long way to go until that happens.
If you are prepared to be incredibly patient and ride out all the volatility then it could be worth taking the punt. But investors should treat it like a trip to one of the Crown Resorts Ltd (ASX: CWN) casinos and only invest what they can afford to lose.
