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Tuesday, April 23, 2024

Jack Dorsey: Bitcoin will replace the US dollar

Jack Dorsey has been known as a great advocate of Bitcoin not just since he stepped down from Twitter. Now he is stepping into the public eye again with a bullish prospect.

In a new Twitter discussion , Jack Dorsey, former CEO of the social media platform, once again takes sides for the cryptocurrency Bitcoin. In a thread with popular rapper Cardi B, he wrote that Bitcoin will replace the US dollar. As expected, the discussion between the Grammy-winning rapper and the tech billionaire and the displacement of the dollar by cryptocurrencies triggered numerous reactions on Twitter. At the end of November, Jack Dorsey resigned as CEO of Twitter. He then renamed his mobile payments company from Square to Block . Now he can fully devote himself to his support for Bitcoin and other crypto currencies. 

Dorsey and Musk distance themselves from Web 3.0

However, Dorsey doesn’t think much of Web 3.0, which is hyped in many places. In another tweet he calls it a “centralized entity with a different name”. Elon Musk went even further with his criticism when he described the new version of the Internet as simply “bullshit” . In a tweet on December 20, however, the Tesla boss put his opinion into perspective. Now he claimed the term sounded more like a “marketing buzzword” than the future of the Internet.

Back in October , Dorsey said that Block was planning a novel bitcoin mining system. This should be based on special silicon and also be completely open source. The system would be added to Square’s existing Bitcoin projects. This also includes a project that is developing an open developer platform and a hardware wallet for the cryptocurrency. In addition, Dorsey recently published a whitepaper for a decentralized Bitcoin exchange called tbDEX. He has already confirmed to investors that Bitcoin will be a “big part” of the company’s future.

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