Bitcoin Can Replace The US Dollar Says Former Twitter CEO

Bitcoin can replace the US dollar according to the former Twitter CEO Jack Dorsey in response to the question posted by Cardi B so let’s read more today in our latest Bitcoin news.

The volatility got a hold of the market due to Omicron’s concerns and the US dollar took a tumble. But where does BTC stand in the middle of this chaos in the long run?  Jack Dorsey for one, thinks that BTC will replace the dollar. When Cardi B asked on Twitter if crypto will replace the dollar, the former Twitter CEO Jack Dorsey replied in the affirmative.

Do you think crypto is going to replace the dollar?

— Cardi B (@iamcardib) December 21, 2021

Bitcoin can replace the US dollar according to Dorsey who is a strong proponent of the number one cryptocurrency since 2018. He asserted earlier that Bitcoin will unite the divided country and declared his passion for BTC once again. The exchange between Dorsey and Cardi B stirred the crypto Twitter community amid the increasing uncertainity and fears around the latest COVID-19 variant. A few months before he left his role as CEO of Twitter, Dorsey attended a conference where he said he will be working on Bitcoin full time if it was not for Square and Twitter. This resulted in many concluding that his decision to leave Twitter was to focus mainly on Bitcoin. Dorsey did however took a jab at Web 3 when he voiced his criticism for the industry. He said that the users don’t own Web 3 but big venture capital companies do.

This came as a shock for many because the Web3 movement prides itself on being a decentralized version of the virtual world.  Former Coinbase CTO Balaji Srinivasan disagreed with Dorsey’s comments and said that the Web 3 smart contracts could prove much more durable than the web 2 ones.

As recently reported, Twitter co-founder Jack Dorsey announced he will resign as CEO of the social media company which only sparked rumors that he will focus on Bitcoin from now on. In the resignation letter posted on the social media platform, Dorsey explained the limitations of the founder-fed companies and said he thinks these setups are risky and are limiting companies in the sense that they are a single point of failure. He mentioned key personnel in Parag Agarwal and Bret Taylor saying he is confident that he can lead Twitter in the right direction for bigger success and growth which makes his resignation justified.