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.