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- Former CEO of Twitter, Jack Dorsey, is pretty confident about Bitcoin being accepted as a currency by all and expresses it in his tweets.
- Musk & Dorsey makes fun of the idea of Web3 being based on cryptocurrency, and Web 2.0 is considered to be owned by Google, Amazon, Facebook, and Microsoft.
- As believed by many, Dorsey’s reply to Cardi B caused the prices of Bitcoin to rise. Also, many individuals, including investor Mark Cuban, do not believe that Bitcoin might replace any currency.
Jack Dorsey, the former CEO of Twitter who left the company in 2008, primarily to work on Square, passionately believes that Bitcoin will surely replace the US dollar one day. This has been observed in statements he expressed on various platforms. For instance, rapper Cardi B posted a question on Twitter that said, “do you think crypto is going to replace the dollar?”. To which Dorsey replied, “Yes, Bitcoin will.”
On 29 November 2021, Jack Dorsey declared his departure from the role of Twitter’s CEO. Twitter was a universe and a means Dorsey created to work mainly with Square, who shortly after changed its name to Block, where Dorsey remains the CEO.
Block – The Former Square
Block, formerly known as Square, is a payments company that made good progress in blockchain and Bitcoin. This all compiles as Dorsey is and has been a great believer of Bitcoin for a while. Square holds the title of being the first-ever institutional firm that bought Bitcoin and made it a piece of its balance sheet. Two purchases of Bitcoin were made by the organization, one in late 2020 and another in early 2021, in which it gathered a sum of $170 million in the form of Bitcoin funds.
Since 2018, Dorsey has constantly highlighted that it’s a matter of time before Bitcoin becomes a currency for the world. In a recent interview, Dorsey explained that if he hadn’t been working with Twitter or Square, he indeed would have been working on Bitcoin. He further commented that both the organizations play a role, and Bitcoin will soon bring together the countries divided profoundly and, finally, the world.
Web3 Mocked
A few days back, Elon Musk and Dorsey, on Twitter, came together to make fun of the thought of Web3 being formed on cryptocurrency. The project is developed to be the successor of Web 2.0, a venture of Silicon Valley that only sees Google, Microsoft, Amazon & Facebook as the internet owner. Dorsey hinted that this wouldn’t be the case in Web3, in a recent tweet, he said, “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…”.
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A similar statement was given by the owner of Meta, formerly known as Facebook, Mark Zuckerberg, which said, “just like NFTs, Web3 and metaverse platforms are the next natural progression in how we interact, relate, and communicate with each other.”
Many believe that the recent answering tweet from Dorsey to Cardi B helped Bitcoin pieces to move up by $3,000, which suffered earlier and seemed to trade in a range-bound manner. The price of Bitcoin reached $49,000 from $46,000, an uptrend of about 5% in the past 24 hours. Bitcoin is currently trading at $50,692.20 after facing an uptrend of 1.49% in the past 24 hours. Bitcoin recently reached the $51,000 mark, breaking free from its recent range-bound.
Bitcoin May Not Overtake Any Fiat Currency
Even though Dorsey is quite confident about Bitcoin’s future of being a widely accepted currency, many still aren’t sure it might happen. For instance, Mark Cuban, a billionaire investor, said that he believes and enjoys Bitcoin and other cryptocurrencies, but having a world where Bitcoin outperforms fiat, doesn’t seem possible. He stated that “I think the whole conversation about any crypto replacing fiat currency is counterproductive.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
