Jack Dorsey – the former Twitter head who left that company to focus primarily on Square – is very confident that bitcoin will one day replace the U.S. dollar.
Jack Dorsey Believes in Bitcoin
The following question was posed on the social media platform by rapper Cardi B:
Do you think crypto is going to replace the dollar?
Dorsey replied with:
Yes, bitcoin will.
Dorsey recently exited the Twitter universe he had created as a means of working primarily with Block, formerly known as Square. The payments company has made quite a bit of headway in the fields of bitcoin and blockchain, and it makes sense considering Dorsey has been a major bitcoin fan for some time.
Square was one of the first institutional firms to purchase bitcoin and make it part of its balance sheet. The company engaged in two purchases in late 2020 and early 2021 and bought a whopping total of $170 million in BTC funds. Dorsey has also been saying since the year 2018 that bitcoin would eventually become a currency for the world.
In a recent interview, Dorsey commented:
If I were not at Square or Twitter, I’d be working on bitcoin. Both companies have a role to play… Bitcoin will unite a deeply divided country… Eventually [the] world.
Not long ago, Dorsey and Musk came together on Twitter to mock the idea of Web3 being based on cryptocurrency. The program is designed to be a successor to Web 2.0, a Silicon Valley venture that ultimately sees Google, Facebook, Microsoft, and Amazon in charge of the internet.
Dorsey was quick to suggest that this would not be possible with Web3, commenting in a series of online messages:
You don’t own ‘Web3.’ The VCs and their [limited partners] do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into.
Similar sentiment came from Mark Zuckerberg, the man in charge of Meta formerly known as Facebook. In a statement not too long ago, Zuckerberg mentioned:
Just like NFTs, Web3 and metaverse platforms are the next natural progression in how we interact, relate, and communicate with each other.
Following Dorsey’s recent answer to Cardi B, the price of bitcoin – which had been suffering as of late – jumped by roughly $3,000, and BTC rose from around $46,000 to just over $49,000. That’s a surge of approximately five percent in just 24 hours.
Not Everyone Agrees
But while Dorsey is rather confident in bitcoin’s future, others aren’t so sure the currency will come as far. Billionaire investor Mark Cuban, for example, says that while he enjoys bitcoin and other forms of crypto, he doesn’t feel that a world in which bitcoin outdoes fiat is possible. He says:
I think the whole conversation about any crypto replacing fiat currency is counterproductive.