Rapper Cardi B asked on Twitter whether bitcoin has a chance of replacing the American dollar. Famous billionaire Jack Dorsey gave an affirmative answer.
Jack Dorsey, the former chairman of Twitter, is famous for his pro-bitcoin sentiments. He abandoned his own company in order to devote himself completely to the cryptocurrency sector. He changed the name of his second company from Square to Block, referencing the blockchain technology which lies at the base of decentralized payment systems. He has emphasized it many times that bitcoin will have a huge impact on the development of Twitter. In response to a question by rapper Cardi B, who touched upon the topic of potential replacement of dollar with bitcoin, he said that it is possible.
Although Jack Dorsey is openly enthusiastic about bitcoin, he actually doesn’t hold other cryptocurrencies in a very high regard. He believes that bitcoin is unrivaled and that, as the only digital currency, it has the chance to get into the mainstream and become a widespread payment method all around the world. That’s why, in response to a question by Cardi B that said:
”Do you think crypto is going to replace the dollar?”
”Yes, Bitcoin will”.
Not everyone agrees with Dorsey
Standing on the other side of things are full of caution politicians and some of the experts. For example, famous economist Mohamed El-Erian, who holds the position of the chief economical advisor of Allianz, believes that bitcoin possibly Will always remain in circulation, but it is unlikely for it to replace dollar or any other fiat currency.
Dorsey criticizes Web 3.0
Dorsey’s interest in bitcoin could lead one to suspect that the famous billionaire is equally enthusiastic about many other technological innovations, but this is not true. Let us remind that Dorsey is critical about the idea of replacing the traditional Internet with the AI-driven Web 3.0. He questions the usability of the new technology, which is meant to replace Web 2.0.
In this regard, he shares the opinion of Elon Musk, the richest man in the world as of today, who pointed out that this replacement is mainly about marketing and not about a Real revolution. Dorsey’s opinion is possibly best illustrated by a meme he shared that depicts a water spring flowing to representatives of Silicon Valley funds.