Block Inc CEO and Twitter creator Jack Dorsey explained why he sees Bitcoin not just as a currency, but as the world’s dominant reserve asset that could dethrone the US dollar.

In a recent speech, Jack Dorsey stated that Bitcoin has the potential to bring significant changes to the international economy. Unlike traditional currencies, which require approval from governments and central banks, Bitcoin operates in a decentralized, blockchain-based manner. This fundamental difference from paper money not only increases the freedom of transactions, freeing them from censorship and control by centralized authorities, but also reduces corruption, Dorsey argues.

“Governments have repeatedly frozen assets or restricted people’s access to financial resources. Bitcoin, on the other hand, ensures that users retain full control over their funds,” Dorsey said.

The head of Block Inc also touched on the topic of the so-called “predictability” of Bitcoin, referring to its limited supply of 21 million coins. Thus, the first cryptocurrency stands in stark contrast to regular money, which can be subject to inflation and devaluation due to central banks printing money in excessive quantities. Dorsey noted that for this reason, Bitcoin is becoming an increasingly popular store of value, especially in regions with high inflation rates.

“Bitcoin can accelerate the de-dollarization of the economy. In the future, financial transactions will no longer be limited by national borders or traditional banking systems. Bitcoin will empower people around the world and could replace the dollar in international transactions. Bitcoin will redefine financial sovereignty and freedom, creating a new economic order,” Dorsey concluded.

Earlier, the creator of Twitter suggested that by 2030 the Bitcoin rate would reach $1 million and could even go beyond it. Last year, Dorsey agreed with the U.S. Securities and Exchange Commission’s (SEC) arguments that ether should be considered a security.