Former Twitter CEO Jack Dorsey Says Bitcoin Will Replace The US Dollar

Jack Dorsey now heads fintech firm Block, which was formerly known as Square

Jack Dorsey, who left Twitter last month, appointed Parag Agrawal, the new CEO of the company. Image: AFP

New Delhi: Former Twitter Chief Executive Officer (CEO) and Founder Jack Dorsey has said that Bitcoin will replace the US dollar.

In a recent Twitter exchange Cardi B, Grammy award-winning rapper, asked Dorsey if cryptocurrency would replace the US currency to which the former Twitter CEO replied, “Yes, Bitcoin will.”

Yes, Bitcoin will

— jack⚡️ (@jack) December 21, 2021

This interaction in the social media platform between Cardi B and the tech billionaire received massive reactions on Twitter.

Billy Markus, Dogecoin co-founder, posted a meme about how Dogecoin is more stable than the US dollar. While Bitcoin investor Dennis Porter said that “such a conversation was actually inevitable.”

Jack Dorsey, who left Twitter last month, appointed Parag Agrawal, the new CEO of the company and is heavily involved in decentralised projects in the company.

Dorsey now heads fintech firm Block, which was formerly known as Square.

Earlier, in October, Dorsey said that Block is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses. This would add to Square’s existing bitcoin-focused projects, including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.

Dorsey in a tweet said, “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

Jesse Dorogusker, hardware lead of Square, will probe requisites for Square to take on the project to build a bitcoin mining system.

Jack Dorsey is a Bitcoin investor. His love for cryptocurrency dates back to 2017 when he started advocating Bitcoin as the king coin. When the crypto market crashed in 2018, Dorsey was unfazed, calling Bitcoin the future world currency, despite the digital currency being at its lowest point in several years. In March 2019, Dorsey had said that he spends several thousand dollars each week to buy Bitcoin.

Endorsing blockchain technology for transparency in payment, Dorsey recently released the whitepaper of its decentralised Bitcoin exchange proposal — tbDEX. Dorsey has confirmed to investors that Bitcoin will be a ‘big part’ of the company’s future.