Bitcoin will replace the dollar, says Jack Dorsey Cardi B in response to the rapper’s crypto question | Currency News | Financial and business news

Bitcoin will replace the US dollar, said Jack Dorsey.

David Becker / Getty Images

• Crypto enthusiast and block CEO Jack Dorsey believes Bitcoin will replace the dollar.
• He responded to rapper Cardi B’s tweet asking if people think crypto will displace the greenback.
• Dorsey, who recently retired as Twitter CEO, has said that there is nothing more important to him than Bitcoin to work on.
• Sign up for our daily newsletter here, 10 things before the opening bell.

Twitter co-founder Jack Dorsey just made a bold prediction: he says Bitcoin will replace the U.S. dollar.

Dorsey, head of digital financial services company Block, responded to a tweeted question from Cardi B. The rapper asked late Monday if people believed virtual assets would replace world reserve currency.

@ jack / Twitter

Cardi B’s tweet had received over 37,000 likes and 5,300 comments when it was last checked. The popular financial meme account @litquidity replied, “The yuan will replace the dollar before the cryptocurrency.”

Meanwhile, Dorsey’s tweet was met with criticism, applause, and simple requests for more details.

Dorsey has consistently praised Bitcoin, saying that his passion for the asset comes in part from the “again-like-hell” community behind the cryptocurrency. His recent departure from the CEO role on Twitter is likely linked to his Bitcoin ambitions.

Block, who changed his name from Square after Dorsey left Twitter, has a heavy focus on crypto. It plans to build a Bitcoin-inspired financial services business through a new division called TBD, which is on the hiring path and already has half a million followers on Twitter.

Earlier this year, then-Square said it was building a hardware crypto wallet and software service to “make Bitcoin custody more mainstream.” The company has made it clear that Bitcoin should be the “home currency of the Internet”.

In June, Dorsey said he would leave one or both of the CEO roles he had at the time to focus on Bitcoin if the project got into trouble.

“If I wasn’t on Square or Twitter, I would be working on Bitcoin. If (bitcoin) needed more help than Square and Twitter, I’d leave them for bitcoin, ”he said. He’s also touted it as the most important thing in his life to work on.

Separately, Dorsey on Monday voiced his opposition to the influence of venture capital on Web3 – a term widely used in the crypto community to describe the next generation of the internet. Web3 is viewed by crypto advocates as a decentralized form of the internet that gives users more ownership, which should result in large corporations losing power.

Dorsey disproved that idea, saying that crypto users don’t own Web3. He implied that the so-called decentralized internet is actually in the hands of venture capitalists.

But that criticism seems to be limited to the successor to Web2 – which we are now in. As for Bitcoin, Dorsey believes Wall Street “cannot and will not be able” to control the leading cryptocurrency.

Continue reading: A 29-year-old is said to have made more than $ 1.5 million in real estate this year. This is how he invests his money.