Former Twitter CEO, Jack Dorsey Says Bitcoin Will Replace US Dollar
In a tweet exchange with Grammy-winning rapper Cardi B, former Twitter CEO Jack Dorsey stated that he believes Bitcoin will eventually replace the US dollar. Cardi B asked on Twitter if cryptocurrency would eventually replace the US dollar, to which Dorsey replied, “Yes, Bitcoin will.” Dorsey, who now leads Block (formerly Square), a digital payments and financial services company he founded in 2009, made the prediction in a series of tweets in which he dismissed much of the hype surrounding Web3.
Cardi B and Jack Dorsey’s conversation about cryptocurrency replacing the US dollar elicited a flood of responses on the social media platform. Dogecoin co-founder Billy Markus shared a meme claiming that Dogecoin is more stable than the US dollar, while Bitcoin investor Dennis Porter stated that “such a conversation was actually unavoidable.”
Yes, Bitcoin will
— jack?? (@jack) December 21, 2021
well $doge is more stable than the dollar, proof: pic.twitter.com/U3DnsUcuu0
— Shibetoshi Nakamoto (@BillyM2k) December 21, 2021
Dorsey stated in October that Block is looking to build a Bitcoin mining system for individuals and businesses that is based on custom silicon and open source. This would be in addition to its existing Bitcoin-focused projects, which include a company developing an open developer platform and a hardware wallet for the cryptocurrency.
Dorsey has previously stated that Bitcoin will become a global Internet currency, but he has not predicted that it will replace existing major currencies. Dorsey also implied that Web3 — a collection of blockchain-based, decentralized applications that are supposed to replace the Internet as we know it — is subject to the same centralized control as the current Internet.
“‘web3’ does not belong to you. The venture capitalists and their limited partners do. It will never escape their grasp. It is, in the end, a centralized entity with a different label “Dorsey tweeted that venture capital firms that fund Web3 projects will ultimately control the future of the technology rather than users.
I’m not suggesting web3 is real – seems more marketing buzzword than reality right now – just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!
— Elon Musk (@elonmusk) December 20, 2021
He is not the only crypto supporter who is dissatisfied with the new trend. Elon Musk, CEO of Tesla and SpaceX, called Web3 “BS” earlier this month. In a more recent tweet, he expressed a more nuanced view, claiming that the term sounds more like a “marketing buzzword” than the future of the Internet.
