Bitcoin will replace dollar: Former Twitter chief executive Jack Dorsey

Bitcoin has plunged more than 33 per cent in nearly six weeks from over $68,600 as of November 10 to $45,736 on Monday.

Dorsey had left Twitter last month to focus on the fintech company Block which was earlier known as Square.

Bitcoin supporter and Twitter’s former chief executive officer Jack Dorsey on Tuesday made a bold prediction that cryptocurrency Bitcoin will replace the U.S. dollar. In an affirmative response to a question by Grammy award-winner rapper Cardi B on Twitter that “Do you think crypto is going to replace the dollar?”, Dorsey said, “Yes, Bitcoin will.” Bitcoin was trading $46,895 at the time of Dorsey’s reply and jumped 4 per cent to $48,912 at 2 pm, as per data from CoinMarketCap.com. Bitcoin has plunged more than 33 per cent in nearly six weeks from over $68,600 as of November 10 to $45,736 on Monday along with a dip in market cap from $1.9 trillion to nearly $900 billion during the said period.

 

The interaction also saw reactions from the crypto world. “Bitcoin will likely become the dominant global reserve asset. The world will continue to price things in dollars for many years,” tweeted Wayne Vaughan, CEO at Tierion — a digital storage system that lets verification of data on the Bitcoin blockchain. On the other hand, Dennis Porter, host of Bitcoin podcast Smart People Shit said “If you would have told me in 2017 that a billionaire and a pop star would be talking about how #Bitcoin is going to replace the dollar I would have believed you because BTC is inevitable.”

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Dorsey had left Twitter last month to focus on the fintech company Block which was earlier known as Square. In July this year, Dorsey had tweeted about Block building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. This was to make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on and off-ramps into bitcoin. 

The former Twitter CEO has been a long proponent of cryptocurrency and Bitcoin. Last year, he had asserted that in order to keep Twitter more secure from hackers, Bitcoin and blockchain technology is the future. In 2019, he had announced Bluesky, a non-profit platform for the development of a decentralised and open social media standard. In February this year, Dorsey had announced setting up of a blind Bitcoin (BTC) development trust worth 500 BTC (nearly $24 million), along with rapper Jay-Z, for projects in India and Africa.

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