Bitcoin will replace US dollar in future, ex-Twitter CEO Jack Dorsey tells Cardi B

Former Twitter CEO Jack Dorsey has caused a debate on the micro-blogging platform he co-founded as he stated that the US dollar will one day be replaced by Bitcoin. Dorsey gave the turbulent statement on Twitter in a reply to rapper and songwriter Cardi B earlier today. The grammy-winner had tweeted a question asking, "Do you think crypto is going to replace the dollar?", to which Dorsey replied, "Yes, Bitcoin will".

Dorsey and his love for Bitcoin

Soon after Dorsey's tweet, a surge was recorded in Bitcoin's price which is currently trading at $49,137 with a 7.1% hike in its value. In addition to this, another cryptocurrency Ethereum also recorded a hike in its valuation. According to Forbes, Dorsey has been a staunch supporter of Bitcoin and has exhibited his love for cryptocurrency on several occasions. Speaking at the Miami Bitcoin conference in June this year, Dorsey had revealed that he would have worked for Bitcoin if he was not managing Twitter and Square. He even had stated that both his companies "have a role to play" and Tweeted in August that Bitcoin will "unite a deeply divided country" and even the world, Forbes reported.

Dorsey's comment has prompted the users to pour in their heavily polarised reactions. One user wrote that the idea of Bitcoin replacing a dollar is 'absolute nonsense'. "The US dollar is backed by the full faith and credit of the US government. Bitcoin is backed by nothing but air. Currencies need to have stability and implicit trust. Bitcoin falls far short in every respect. Stick to running Twitter", the user added. 

On the other hand, some also came in support of Dorsey as one user commented, "When you discover the true potential of unbounded Bitcoin, you will know it’s a lot more capable than a dollar". 

Meanwhile, the former Twitter chief is currently busy taking digs at Web3, a decentralised blockchain-based system that will reportedly change the concept of the modern-day internet. In the light of a large number of investments towards Web3, Dorsey tweet earlier today, "You don’t own “web3.” The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into… (sic)".

Dorsey was also joined by Elon Musk, another crypto enthusiast who took 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)".

 Image: AP/Pixabay