Thursday, July 7, 2022

Ex-Twitter CEO Jack Dorsey Thinks Bitcoin Will Replace the Dollar

In another tweet, Dorsey targeted Web3, which has heralded as the Internet’s future.
Bitcoin will replace the US Dollar, according to former Twitter CEO Jack Dorsey in a tweet exchange with Grammy winner Cardi B. Bitcoin will replace the US dollar, Dorsey answered to Cardi B on Twitter. Dorsey made the forecast in a series of tweets in which he rejected much of the excitement around Web3.

Cardi B and Jack Dorsey’s spat about bitcoin replacing the dollar sparked significant social media reactions. Bitcoin investor and co-founder of Dogecoin, Billy Markus, created a meme on how Dogecoin is more stable than the US dollar.

Dorsey stated in October that Block is looking to build a custom silicon and open source Bitcoin mining solution for individuals and corporations. This would be in addition to its other Bitcoin-focused efforts, which include an open developer platform and a hardware wallet.

Previous predictions that Bitcoin will become a worldwide internet money have tempered by Dorsey’s caution. Additionally a collection of blockchain-based decentralized applications that have meant to replace the Internet as we know it. Moreover web3 — according to Dorsey — is subject to the same centralized control as the existing Internet.

“Web3 isn’t yours. VCs and LPs do. Their incentives won’t let it go. It has a centralized entity with a new name Dorsey tweeted that venture capital firms, not users, will eventually determine the future of Web3.

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