Jack Dorsey Predicts: ‘Bitcoin Will Replace Dollar’

By Billy Bambrough

Jack Dorsey, who recently resigned as CEO of Twitter to focus on the growth of its electricity payment company, he predicted that Bitcoin would eventually replace the US dollar.

Bitcoin has been rallying since the beginning of the year, but in recent weeks it has fallen, losing more than 30% of its value in one month. The “dip” of the most popular cryptocurrency in the world also attracted Ethereum, which fell by 20% during the same period.

However, Bitcoin recovered after Dorsey’s tweet (it added 5% to a 24-hour forecast by the former Twitter CEO), while Ethereum and the cryptocurrency market in general moved higher.

In particular, Dorsey, responding to rapper Cardi B on Twitter, who asked him “Do you think cryptocurrencies will replace the dollar?”, Said: “Yes, Bitcoin will replace it.”

Yes, Bitcoin will

— jack⚡️ (@jack) December 21, 2021

Earlier in December, Dorsey retired from Twitter to devote himself entirely to his payment company, recently renamed Block, which includes Square and the Cash App.

Dorsey has been an ardent supporter of Bitcoin for years: he often – in interviews – highlights the prospects for the most popular digital currency, and has developed Bitcoin-based services on both Twitter and Square. Dorsey is being replaced by Twitter CEO Parag Agrawal, the now-head of the company’s Technology Department, who has played a leading role in Twitter’s decentralized technology projects.

“If I were not on Square or Twitter, I would be working on Bitcoin,” Dorsey said at a conference on the popular crypto in Miami last June. At the same time, he stated that “both of his companies will contribute to the future of Bitcoin”.

In August, Dorsey wrote on Twitter that “Bitcoin will unite a deeply divided country” and “finally the world.”

Following his prediction for Bitcoin, Dorsey “allied” with Tesla CEO Elon Musk, mocking the idea of ​​a web3 that would work with blockchain technology on which the world of cryptocurrencies is based and which aspires to be the successor of web2 [σ.σ.: του διαδικτύου όπως το ξέρουμε σήμερα] based in Silicon Valley, dominated by Google, Facebook, Microsoft and Amazon.

“Has anyone seen web3? I can’t find it,” Musk wrote on Twitter, with Dorsey replying: “It’s somewhere between a and z,” in an indirect reference to technology venture capitalist (VC) Andreessen Horowitz who recently invested billions in web3 development.

“Web3 does not belong to you,” Dorsey tweeted. “It belongs to the VCs and their partners. It will never get out of their motives. After all, it is a centrally managed entity with a different label. To know where you are going to get involved.”

You don’t own “web3.”

The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.

Know what you’re getting into…

— jack⚡️ (@jack) December 21, 2021

Enthusiasm for web3 has skyrocketed this year due to the rally of some cryptocurrencies and NFTs designed to support its growth and the renaming of Facebook to Meta.

“Like NFTs, the web3 and metaverse platforms are the next natural evolution in the way we interact, relate and communicate,” Meta CEO Mark Zuckerberg said in a November interview.

Bitcoin, which is more than a decade old, was created in response to the global financial crisis of 2008 and is now considered “digital gold”. It is a rare, decentralized, digital asset that some investors – even companies and states – have begun to acquire as a storehouse of value and hedge against inflation risk.

Last year, Paul Tudor Jones “opened the gates” of investment when he described Bitcoin as “the fastest horse in the race” with inflation, which the famous investor saw running at a faster pace due to the pandemic and the unprecedented easing monetary policy governments around the world would follow.

Meanwhile, business software provider MicroStrategy began adding Bitcoin to its balance sheet, prompting Elon Musk’s Tesla to buy $ 1.5 billion worth of Bitcoin in January 2021. This year, El Salvador adopted Bitcoin as its national currency – alongside the US dollar – and began buying quantities of the popular cryptocurrency.

All of these developments pushed the price of the digital currency from $ 4,000 in March 2020 to $ 69,000 in November. However, smaller cryptocurrencies – such as Ethereum and other competitors – as well as memecoins – such as Dogecoin and Shiba Inu – made the rally even more impressive than Bitcoin.

In November, Hillary Clinton – a former US presidential candidate and Secretary of State under Barack Obama – warned that the rise of Bitcoin and other cryptocurrencies could undermine the dollar’s share of global foreign exchange reserves.

Others estimate that Bitcoin will never replace the dollar or any other fiat currency.

Typical was the remark of investor Mark Cuban last year: “In my opinion, all this talk that Bitcoin or some other digital currency will be able to replace a fiat currency is counterproductive.”

Read also:

* The “oracles” for Bitcoin: Is the biggest “bubble” of all time popping or a new rally?

* That’s how Jack Dorsey became so rich (and no, he does not owe it to Twitter)

* Bitcoin could pull Turkey out of the monetary crisis