As Bitcoin’s price surges, boosting Ethereum, Jack Dorsey made a bold prediction: Bitcoin will “replace the US dollar.”
Earlier this year, during a massive bitcoin price increase, Jack Dorsey appeared at a bitcoin conference.
Dorsey responded on Twitter to rapper Cardi B’s question, “Do you think crypto will replace the dollar?” with “Yes, bitcoin will.”
Dorsey left Twitter earlier this month to focus full-time at his payments company, recently renamed Block, which encompasses Square and Cash App.
Dorsey has been a long-time supporter of bitcoin, frequently extolling its virtues in interviews and launching bitcoin-based services at both Twitter and Square. Dorsey appointed Agrawal as Twitter’s next CEO. Agrawal was previously the company’s chief technical officer and has been significantly involved in Twitter’s decentralized technology developments.
“If I wasn’t working at Square or Twitter, I’d be working on bitcoin,” Dorsey stated in June at a bitcoin conference in Miami. He stated at the time that “both firms have a role to play.”
Dorsey tweeted in August that “bitcoin will reconcile a severely divided country” and “eventually [the] planet.”
Following his bitcoin forecast, Dorsey joined Tesla CEO Elon Musk in mocking the idea of a crypto-based web3, supposed to be a successor to the Silicon Valley-based web 2.0 that led to Google, Facebook, Microsoft, and Amazon’s internet domination.
“Is anyone familiar with Web3? “I can’t locate it,” Musk tweeted, prompting Dorsey to respond, “It’s somewhere between a and z.” “—thought to be a reference to the technology venture capital (VC) firm Andreessen Horowitz, which has lately spent billions in web3 development.
“You don’t own ‘web3,'” Dorsey wrote on Twitter. “The venture capitalists and their [limited partners] do.” It will never escape their grasp. It is, in the end, a centralized entity with a different label. Know what you’re getting yourself into.”
Web3 enthusiasm has been fueled this year by the skyrocketing prices of various cryptocurrencies and non-fungible tokens (NFTs) designed to encourage its expansion, as well as Facebook’s rebranding to Meta.
“Web3 and metaverse platforms, like NFTs, are the next natural step in how we engage, relate, and communicate with one another,” Meta CEO Mark Zuckerberg said in an interview last month.
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