Jack Dorsey believes Bitcoin will replace the US dollar

Crypto enthusiast and ex-Twitter CEO believes Bitcoin will replace the dollar. Jack Dorsey also said crypto users don’t own Web3, implying that the so-called decentralized internet is actually in the hands of venture capitalists.

Jack Dorsey, the former Twitter CEO and chief of fintech firm Block (formerly Square), had a tweet exchange Monday evening with the rap star and Grammy winner Cardi B. The performer tweeted to her 20.5 million followers the following question, “Do you think crypto will replace the dollar?” To which Dorsey replied, “Yes, Bitcoin will.”

Interestingly, he didn’t say crypto in general or a vague blockchain-based technology would replace the dollar. Instead, Jack flatout backed Bitcoin as the heavyweight currency champion of the world.

Although, that’s not all that surprising. He has reiterated to Block investors that Bitcoin will play a significant role in the company’s future ambitions. In addition, before Dorsey resigned from Twitter, he stated in October that Block was investigating how to construct a Bitcoin-mining system based on open source code and custom silicon.

Those plans would bolster Block’s existing Bitcoin projects that include a decentralized exchange (DEX), a Bitcoin-focused open developer platform, and a hardware wallet for the cryptocurrency. It’s worth noting that Block has enabled Bitcoin payments through its Cash App service since 2018

Last June, Dorsey claimed that Bitcoin could bring about world peace. Perhaps, but it’s much more likely that his rhetoric might incite politicians to battle if he continues waving the Bitcoin banner to quicken the demise of the dollar’s dominance.

Separately on Monday, Dorsey voiced his disapproval of venture capital influence on Web3 – a term used often in the crypto community to describe the next generation of the internet. Web3 is seen by crypto advocates as a decentralized form of the internet, providing users with more ownership that should end up stripping power from big corporations.

Dorsey refuted that idea, saying crypto users don’t own Web3. He implied that the so-called decentralized internet is actually in the hands of venture capitalists.

But this criticism seems limited to just the successor to Web2 – which is what we’re in now. As for Bitcoin, Dorsey thinks Wall Street “can’t, and never will” be able to control the leading cryptocurrency.