Bitcoin Will Replace the US Dollar, Believes Jack Dorsey

As unseasonable volatility gripped the market due to Omicron concerns, the US Dollar took a tumble. Where does Bitcoin stand amidst the chaos and for the long run? Jack Dorsey, for one, believes that Bitcoin would replace the dollar.

When American rapper and songwriter Cardi B asked on Twitter if crypto is going to replace the dollar, it was none other than former Twitter CEO Jack Dorsey who replied in affirmative.

• Jack Dorsey, CEO of Block (the payments company formally known as Square), has been a strong proponent of the flagship cryptocurrency since 2018. He had earlier asserted that Bitcoin will unite a “deeply divided country. The exec has, once again, declared his passion for Bitcoin.

Yes, Bitcoin will

— jack (@jack) December 21, 2021

• The exchange between Dorsey and the Grammy winner stirred the crypto Twitter amid the increasing uncertainty and fears surrounding the worldwide rise of the Omicron variant cases.
• Months before he departed from the executive role at the micro-blogging platform, Dorsey had attended a conference in which he said that he would be working on Bitcoin if he was not at Square or Twitter. This resulted in many concluding that his decision to exit Twitter was to focus primarily on the cryptocurrency.
• Dorsey recently took a not-so-sly dig at Web 3 when he voiced his criticism over its present state.
• He said that users do not own Web 3, but big venture capital firms and limited partnerships do.
• This came as a shock to many as the Web 3 movement prides itself on being a decentralized version of the virtual world.
• Former Coinbase CTO Balaji Srinivasan chimed in but disagreed with Dorsey’s comment and said that Web 3’s smart contracts “may” prove more durable than web 2’s social contracts.