TL;DR Breakdown
- Famous Musician Cardi B posted a Tweet asking for opinions on whether BTC could finally replace the US dollar.
- Twitter’s ex-CEO and Squares boss says that the coin may displace the dollar completely.
Jack Dorsey, the former CEO of Twitter, believes BTC could displace the dollar. Jack said this while commenting on a tweet from a famous artist. On DEC 20, 2021, a renowned rap artist Cardi B tweeted to see people’s opinions on BTC repacing the US dollar. The tweet had attracted over 24k likes, 3k retweets, and 4k comments at the time of this writing.
Jack Dorsey is a well-known businessman and the founder of Twitter and Square. He commented on Cardi B’s timeline to express that BTC can displace the dollar. His comment attracted the attention of many, with some supporting him and others hitting at him.
Jack Dorsey concurs that BTC could replace the US dollar
In a Twitter thread started by the hit singer Cardi B, Jack expressed his opinion that BTC can replace the US dollar once again. It is not the first time Jack Dorsey has openly expressed his views on the ‘bright future’ ahead of BTC.
While he was the CEO of Twitter, he said he believed that platform would involve the coin in its plans one day. He said that there were opportunities for his company to use the coin in the existing and in-plan products and services. He also noted that BTC reminds him of the early days of the internet. At the time, he realized that the invention was the best chance to make his life’s work.
Earlier in the year, Jack launched a BTC Fund in a partnership with Jay Z. The fund was worth $23.6 million. He also revealed plans to lead his other company into blockchain remittances. Later on, in December, Jack did step down from being the CEO of Twitter and appointed Parag Agrawal to take over. He said he is planning to focus on his payments company, Square.
His plans for Square revolve around BTC and blockchain remittance systems. Earlier in the year, Jay Z also invested in Square, eyeing to be among the most significant stakeholders while eyeing the company’s future in blockchain technology. However, Square and Twitter are yet to reveal their long-term plans with the involvement in BTC and Blockchain technology.
Jack’s Tweet attracts the attention of many
Jack’s comment to the tweet by Cardi B had mixed reactions from people. It had over 11k likes and 1,514 retweets. One of the comments read that BTC will never be stronger than the USD since the faith of the US citizens backs it. Others warned him about possible conspiracies regarding supporting the BTC while the government feels threatened and does not have a regulatory framework.
Jack Dorsey is not the only billionaire who believes in BTC and blockchain technology. Others like Mark Cuban have also expressed their views on the matter. Tesla’s CEO and the world’s richest man, Elon Musk, also said that he believes that cryptocurrencies have a future and people should invest in them. Billionaire Ray Dalio also noted that BTC and cryptocurrencies might overtake the fiat currency due to the ever-rising inflation rates. He said people should diversify their portfolios using cryptos instead of storing money in fiat form.
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