Ex-Twitter CEO Jack Dorsey Says Bitcoin Is En Route to Replace the US Dollar
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In a recent twitter reply to famous rapper Cardi B, former Twitter CEO and big crypto fan Jack Dorsey said that Bitcoin will replace it. He replied to a tweet from Cardi B who asked if anyone believes crypto will replace the dollar. He instantly replied, “Yes, Bitcoin will” to the delight of the crypto community.
The tech billionaire has just recently left his Twitter position to fully focus on crypto technologies. His response to Cardy B prompted massive reactions on the social media site. For example, the tweet was liked by Dogecoin co-founder Billy Markus, who posted a meme that DOGE is more stable than the US Dollar. Bitcoin investor Dennis Porter also tweeted, stating that it’s only a matter of time.
Focusing on Block
Dorsey didn’t shock many when he left his Twitter position a few months ago. He did that so he can fully focus on Block, a new fintech firm focused on Bitcoin mining systems. He was replaced by Parag Agrawal, who became Twitter’s new CEO and is heavily involved in decentralized projects.
Dorsey stated in October that Block will focus on Bitcoin mining systems based on custom silicon and open source. The systems will be available for both individuals and businesses. Block is just a new name for the Dorsey-led company that was formerly known as Square. Square had numerous decentralized projects open before, and those plans will be used in Block’s projects in the future.
The company’s goal is to create a wallet and do everything with support from the community. Dorsey and Jesse Dorogusker will investigate requisites as Square looks to start building the new Bitcoin mining system.
Dorsey is a big-time fan of Bitcoin and investor. He started advocating it as the “king coin” in 2017. He was unfazed at all when the market crashed in 2018. Dorsey has stated several times that Bitcoin is the currency of the future even when it was down to the lowest point. As of 2019, he’s reported to have invested at least a couple of thousands of dollars in Bitcoin every week.
tbDEX in the Works
The former Twitter CEO endorses blockchain tech for transparent payments. For that purpose, he’s begun building a new Bitcoin exchange proposal called tbDEX. The whitepaper has already been released, and he confirmed to investors that Bitcoin will be a big part of it.
According to reports, the Dorsey-led company Block owns over 8,000 Bitcoins, which is somewhere close to $400 million. Besides saying that it’ll replace the US Dollar, Dorsey also slammed Web3 in a series of later tweets. Many people are adamant that it’s the future of Internet, but he’s not a big fan. He called it a “centralized entity” with a different label that will be owned by VCs and LPs.
His opinion was voiced by another big crypto fan, Elon Musk, who tweeted “Can anyone seen Web3?”. Dorsey replied that it’s somewhere between a and z, once again warning everyone to learn what they’re getting into.
