Former Twitter CEO Jack Dorsey Believes Bitcoin Will Replace US Dollar

Former Twitter CEO Jack Dorsey in a tweet exchange with Grammy-winning rapper Cardi B has stated that he believes Bitcoin will replace the US Dollar. Cardi B asked on Twitter if crypto would replace the US currency, to which Dorsey replied, “Yes, Bitcoin will.” Dorsey, who now leads digital payments and financial services company Block (formerly Square) which he founded in 2009, made the prediction in a series of exchanges on Twitter, in which he dismissed much of the hype surrounding Web3.

The interaction between Cardi B and Jack Dorsey about cryptocurrency replacing the US Dollar prompted massive reactions on the social media platform. Dogecoin co-founder Billy Markus posted a meme about how Dogecoin is more stable than the US dollar, while Bitcoin investor Dennis Porter pointed out that “such a conversation was actually inevitable.”

Dorsey, back in October, said that Block is looking to build a Bitcoin mining system based on custom silicon and open source for individuals as well as businesses. This would add to its existing Bitcoin-focussed projects, including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.

Dorsey has previously suggested that Bitcoin will become a global currency for the Internet but stopped short of predicting it will replace existing major currencies. Dorsey also took an assumed dig at investors by claiming that Web3 — a collection of blockchain-based, decentralised applications which are supposed to replace the Internet as we know it — is subject to the same centralised control as the existing Internet.

"You don't own 'web3. The VCs and their LPs do. It will never escape their incentives. It's ultimately a centralised entity with a different label," Dorsey Tweeted, arguing that venture capital firms that fund Web3 projects will ultimately control its future rather than users.

He's not the only crypto supporter who's not very happy with the new trend. Tesla and SpaceX CEO Elon Musk, called Web3 "BS" earlier this month. In a more recent tweet, he offered a more nuanced opinion on the matter, claiming that the term sounds more like a “marketing buzzword” than the future of the Internet.