In a tweet discussion with Grammy-winning artist Cardi B, former Twitter chief executive Jack Dorsey claimed that he believes Bitcoin would eventually replace the US Dollar.
Cardi B had inquired on Twitter if cryptocurrency will eventually replace the US dollar, to which Dorsey responded, “Yes, Bitcoin will.”
Cardi B and Dorsey’s conversation about cryptocurrencies displacing the US dollar sparked a flurry of reactions on social media.
Billy Markus, who co-founded Dogecoin, made a joke on how Dogecoin is more reliable than the US currency.
Bitcoin, meanwhile, soared higher soon after Dorsey’s post, reversing a negative trend of the past few days and lifting the ethereum value and the entire crypto market.
The bitcoin price, which had risen over the previous 12 months, has dropped in recent weeks, shedding more than 30% of its worth in only over one month.
The latest bitcoin price drop has also impacted the price of ethereum, which has fallen about 20%.
Dorsey is a huge proponent of cryptocurrency, and he’s been an advocate of bitcoin since no later than 2018. He quit Twitter earlier in the month to focus full-time on his payments startup, Block, which comprises Square and Cash App.
In interviews, the Twitter co-founder has praised bitcoin’s possibilities and talked about both Twitter and Square providing bitcoin-based services.
“If I were not at Square or Twitter, I’d be working on bitcoin,” Dorsey had said in June at a bitcoin conference in Miami.
“Bitcoin will unite a deeply divided country. (and eventually: world),” the ex-Twitter CEO tweeted in August.
Twitter introduced bitcoin tipping under his stint as CEO and pledged to add NFT authentication.
Dorsey has since appointed Parag Agrawal, Twitter’s former chief technology officer, as the company’s chief executive. The new CEO has been significantly involved with the company’s decentralized projects.