Cardi B sparked a wave of debate on Twitter by asking if they think bitcoin will replace the dollar.
Among the responses, Jack Dorsey stood out, who believes that this will be the case.
American rapper Cardi B asked her 20 million Twitter followers on December 20, “Do you think bitcoin will replace the dollar?” Among the responses, there was one in particular that was noted for its relevance in the bitcoiner ecosystem. It is about the retweet of Jack Dorsey, who replied that he does think that bitcoin will displace the dollar.
Jack Dorsey is a strong defender of Bitcoin who weeks ago made headlines in the world for resigning his position as CEO on the social network Twitter. He has held this management position since the founding of the company in 2006, although it is worth clarifying that this is not the only thing he did.
At the same time, he has been working on side projects in the cryptocurrency industry, something he decided to pursue full time this month by stepping down from his CEO role at Twitter. In 2009, he founded Block, a company that was originally called Square and over time it became involved with cryptocurrencies so it changed its name to refer to “blockchain.” And, in addition, he runs a bitcoin mining that he launched in August 2021.
Jack Dorsey Joins the Stream of Analysts Who Believe Bitcoin Will Replace the Dollar
Following Cardi B’s question about cryptocurrency and the dollar, Jack Dorsey asked answered briefly “yes, bitcoin will replace it”. Thus, the former CEO of Twitter made it clear that he has joined the stream of analysts who believe that the cryptocurrency with the largest market capitalization will replace the dollar at some point.
This goes hand in hand with the thinking of economists, such as Gael Sanchez Smith, who not only imagine a future where cryptocurrency is used as a common currency globally, but also that the market establishes the values of things in bitcoin , not in dollars or another currency.
They credit this projection to the fact that more and more people buy bitcoin and its adoption for payments and money transactions in everyday life is growing. This idea makes some analysts think that it could replace the use of fiat currencies, such as the dollar, considering that it is also not tied to the issuance of a centralized entity.
This year the cryptocurrency managed to exceed 3 trillion dollars in market capitalization. The Visa payment network this week communicated that cryptocurrencies are going to change all businesses, considering that their adoption has grown a lot in a short time and it seems that it will continue.
What’s more, The current inflation in the United States made different public figures prefer to save in bitcoin, rather than in dollars. This is because it shows long-term bullish signs, unlike the dollar which is slightly devaluing over time. This has incentivized the purchase of the cryptocurrency, believes Jesse Powell, the head of exchange Kraken, though not necessarily because it will replace the dollar.
In turn, the growth of bitcoin brings with it opposite positions. Some enthusiasts consider that it is positive, since it encourages decentralization and freedom, while those with a more traditional look argue that it is a threat if it is not regulated, such as the former candidate for president of the United States Hillary Clinton, who he said he fears it will replace the dollar and other currencies.