Jack Dorsey Says Bitcoin Will Replace the Dollar

Mandatory Credit: Photo by Shutterstock (11832187ab)Jack Dorsey, Chief Executive Officer, Twitter, gives virtual testimony before the United States House Committee on Energy and Commerce Subcommittee on Communications and Technology and the Subcommittee on Consumer Protection and Commerce of the Committee on Energy and Commerce joint hearing titled, "Disinformation Nation: Social Media's Role in Promoting Extremism and Misinformation" on Capitol Hill in Washington, DC.
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Former Twitter CEO and CEO of Block (ex-Square) Jack Dorsey said that Bitcoin will replace the U.S. dollar, once again professing his “passion” for the crypto.

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Replying to a tweet from Cardi B asking, “Do you think crypto is going to replace the dollar?” Dorsey said “Yes, Bitcoin will.”

This doesn’t come as a surprise as Dorsey has been a longtime Bitcoin bull, saying in January that the reason he has so much passion for Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity, according to a tweet.

“This is what the internet wants to be, and over time, more of it will be,” he added.

Jack Dorsey: Bitcoin Will Replace the Dollar

In August, he tweeted that “Bitcoin will unite a deeply divided country (and eventually: world).”

And in July, speaking at the B Word Conference, a Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, Twitter CEO Jack Dorsey had said that his hope for Bitcoin, “is that it creates world peace or helps create world peace.”

“We have all these monopolies of balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems […] You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term but my hope is definitely peace,” he said at the time.

Following his most recent tweet, Bitcoin — which has been on a downward trend recently — spiked up briefly. As of this morning, Bitcoin is hovering just under $50,000.

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“Bitcoin and Ethereum have both entered holiday mode and continue to consolidate around key technical levels,” Edward Moya, senior market analyst, OANDA, wrote in a note sent to GOBankingRates. “Bitcoin continues to face a wall at the $50,000 level and until that level is breached, speculators may remain on the sidelines.”

Jack Dorsey: Bitcoin Will Replace the Dollar

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Jack Dorsey: Bitcoin Will Replace the Dollar

About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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