Twitter cofounder Jack Dorsey just made a bold prediction: He says bitcoin will replace the US dollar.
Dorsey, boss of digital financial services provider Block, was responding to a tweeted question from Cardi B. The rapper asked late Monday whether people believed virtual assets will replace the world’s reserve currency.
Cardi B’s tweet had drawn more than 37,000 likes and 5,300 comments at last check. Popular financial meme account @litquidity responded with: “the yuan will replace the dollar before crypto.”
Meanwhile, Dorsey’s tweet was met with criticism, applause and straightforward requests for more details.
Dorsey has consistently praised bitcoin, saying his passion for the asset comes in part from the “weird as hell” community behind the cryptocurrency. His recent departure from the CEO role at Twitter is seen as likely linked to his ambitions around bitcoin.
Block, which changed its name from Square after Dorsey left Twitter, has a big focus on crypto. It plans to build a bitcoin-inspired financial services business through a new division called TBD, which has been on a hiring spree and already has half-a-million followers on Twitter.
Earlier this year, the 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 it wants bitcoin to be the “native currency of the internet.”
In June, Dorsey said he would leave one or both of the CEO roles he had then to focus on bitcoin, if the project ran into difficulties.
“If I were not at Square or Twitter, I’d be working on bitcoin. If it (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 lifetime to work on.
Separately on Monday, Dorsey voiced his disapproval of venture capital influence on Web3 — a term used often in the crypto community to describe the next generation of the internet. Web3 is seen by crypto advocates as a decentralized form of the internet, providing users with more ownership that should end up stripping power from big corporations.
Dorsey refuted that idea, saying crypto users don’t own Web3. He implied that the so-called decentralized internet is actually in the hands of venture capitalists.
But this criticism seems to be limited to just the successor to Web2 — which is what we’re in now. As for bitcoin, Dorsey thinks Wall Street “can’t, and never will” be able to control the leading cryptocurrency.