Jack Dorsey Believes That Bitcoin Will Substitute the United States Dollar

Jack Dorsey Believes That Bitcoin Will Substitute the United States Dollar

Jack Dorsey, who was recently replaced as the chief executive of Twitter, believes that Bitcoin will eventually substitute the United States dollar at some point in time. Bitcoin’s worth has plunged downwards recently, losing almost 50% of its worth in one month. Bitcoin’s price flop has affected Ethereum’s price as well. The asset is down to almost 20%.

Bitcoin went up hours after Jack’s tweet, undoing a downward trend over the last many days that saw bitcoin’s price rise by 5% in 24 hours. This rise in Bitcoin’s value also boosted Ethereum’s value; the broader crypto market was also boosted.

Jack Dorsey replied to the American-based rapper Cardi B on Twitter, asking whether he thinks that Bitcoin will eventually replace the American dollar. He tweeted, “Yes, Bitcoin will.”

During the fourth quarter of 2021, Jack Dorsey left Twitter’s chief executive to begin working on his payments company, which has lately been renamed Block. The payment company includes Square and Cash App.

The former Twitter chief executive has always been a bitcoin fan. He frequently references bitcoin’s projections in conferences, interviews and TV shows, stating bitcoin-grounded services at both Twitter and Square. The former Twitter CEO appointed Parag Agrawal to be the new principal superintendent of the social media company. Before this prestigious post, Parag was preliminarily the company’s principal technology officer who has been dealing with Twitter’s decentralized technology systems.

At a Miami bitcoin conference back in June, Dorsey pointed out that he would probably be working on bitcoin if it were not for Square and Twitter. He said both companies, i.e.., Square and Twitter, played a part.

In August 2021, Dorsey twitted that he believed that Bitcoin would be a gel that would unite a deeply divided country, i.e.., The United States. The former Twitter chief executive also added that bitcoin would also unit the globe.

In his bitcoin vaticination, he joined Tesla principal administrative Elon Musk in scorning the impression of a crypto- grounded web3, which aims at taking over from web2.0 that’s Silicon Valley-grounded. Web2.0 is behind the internet supremacy of giants like Google, Amazon, Facebook and Microsoft. Elon Musk was first tweeted, asking if anyone had seen web3; Dorsey replied to Elon Musk’s tweet, saying that the web3 could be anywhere between A and Z. All this was meant to mock web3. Dorsey’s reply is believed to be referring to tech company Andreessen Horowitz. The firm pumped billions of dollars into the development of web3.

The former Twitter chief executive tweeted that people did not need to own web3. He added that it was meant for the VC company. Dorsey added that web3 would never be able to escape the motives of the VC firm. He warned to be careful as web3 was ultimately centralized.

The hype around web3 can be attributed to the rising prices of crypto assets and NFTs tailored to sustain its development.

In a recent interview, Mark Zuckerberg said that NFTs, web3 and meta platforms were forthcoming ways in which people will be able to interact, relate, and communicate with each other.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.