Bitcoin Will Replace U.S. Dollar In Future, Former Twitter CEO Jack Dorsey Told Cardi B
Former Twitter CEO Jack Dorsey sparked debate on the microblogging platform he co-founded by stating that the US dollar would one day be replaced by Bitcoin. Dorsey made the rowdy statement on Twitter in a response to rapper and songwriter Cardi B earlier today. The Grammy winner tweeted a question asking, “Do you think crypto is going to replace the dollar? To which Dorsey replied, “Yes, Bitcoin will.”
Dorsey and her love for Bitcoin
Shortly after Dorsey’s tweet, there was an increase in the price of Bitcoin which is currently trading at $ 49,137 with a 7.1% increase in its value. On top of that, another Ethereum cryptocurrency has also seen a rise in its valuation. According to Forbes, Dorsey has been a strong supporter of Bitcoin and has shown his love for cryptocurrency on several occasions. Speaking at the Miami Bitcoin conference in June this year, Dorsey revealed that he would have worked for Bitcoin if he didn’t manage Twitter and Square. He even said his two companies “had a role to play” and tweeted in August that Bitcoin would “unite a deeply divided country” and even the world, Forbes reported.
Dorsey’s comment prompted users to voice their strongly polarized reactions. One user wrote that the idea of Bitcoin replacing a dollar is “absolute nonsense.” “The US dollar is backed by the full confidence and credit of the US government. Bitcoin is only backed by air. Currencies need to have stability and implied trust. Bitcoin falls short in all respects. Stick to Twitter, ”the user added.
Absolute absurdity. The US dollar is backed by the full faith and credit of the US government. Bitcoin is only backed by air. Currencies must have stability and implicit confidence. Bitcoin is far from being in all respects. Stick to running Twitter.
– Barry Rothman (@BarryARothman) December 21, 2021
On the flip side, some have also come in favor of Dorsey as one user commented: “When you discover the true potential of unlimited Bitcoin, you will know that it is much more capable than a dollar”.
When you discover the true potential of unlimited Bitcoin, you will know that it outperforms the dollar a lot.
– Sonic Zhang @ 259 (@ Cirus001) December 21, 2021
Meanwhile, the former head of Twitter is currently busy digging into Web3, a decentralized blockchain-based system that is said to have changed the concept of the modern internet. In light of a large number of investments in Web3, Dorsey tweeted earlier today: “You don’t own ‘web3’. VCs and their LPs do. It will never escape their incentives. It is ultimately a centralized entity with a different label. Know what you are getting into… (sic) “.
You do not have “web3”.
VCs and their LPs do this. He will never escape their inducements. It is ultimately a centralized entity with a different label.
Know what you are getting into …
– jack⚡️ (@jack) December 21, 2021
Dorsey was also joined by Elon Musk, another crypto enthusiast who did a subtle dig at Web3 with a tweet that read, “Has anyone seen web3?” I can’t find it, “to which Dorsey replied,” It’s somewhere between a and z (sic) “.