By Shelly Melancon (Switzerland)
CEO of Block, formerly Square, Jack Dorsey, in conversation with Cardi B on Twitter, expressed his belief that Bitcoin would take the dollar’s place. His response reiterated his support for the most valued cryptocurrency by market cap. Jack Dorsey’s comment was in response to a tweet by Cardi questioning the possibility of cryptocurrency replacing the dollar.
Unsurprisingly, the engagement on Twitter between the social media platform’s former chief and the famous artist has garnered a lot of reactions. A user named Dennis Porter responded by saying that the discussion was no surprise to him, claiming traditional standards couldn’t stop the token. Bitcoin enthusiasts were not the only ones that engaged the tweet, however. Co-founder of popular meme coin, DOGE, Billy Markus, also responded, stating that DOGE was less volatile than the dollar.
Jack’s Love For Bitcoin
The Block Chief is known to be an ardent supporter of Bitcoin. During the summer of this year, during the Bitcoin Conference, he famously said that he was willing to drop his positions at Twitter and then Square to work on the project. He believed that in his lifetime, there is no work more important.
When the Twitter Chief stepped down, many were beginning to speculate if this was the beginning of the switch. However, Dorsey stated that the potential for freedom that the token epitomized keeps fascinating him. He added that the project had the potential to empower people everywhere.
The payments platform, Block, run by Dorsey, has purchased a sizable amount of Bitcoin. To add to that, the company seems committed to only Bitcoin-related transactions. The executive proposed that banks were no longer necessary, citing countries with poor banking facilities are very active users of the technology.
Ethereum Offer And Web 3.0 Skepticism
The former Twitter boss has started a Bitcoin fund to support developers in struggling economies working on payment solutions, especially solutions utilizing Bitcoin. In today’s Twitter activity, aside from pushing Bitcoin to replace the dollar separately, he also commented on Web 3.0 and refused a proposal to contribute to the Ethereum network. The latter was in response to a tweet by an Ethereum developer.
The developer expressed his belief in Bitcoin as a digital alternative to gold. However, he pointed out that use cases required other Layer-1 networks. To this end, the developer expressed hope that they would make Dorsey see the benefits one day.
In his response, Dorsey emphasized that the benefits the developer has outlined will not be achievable if the foundation for these projects was not void of individual or institutional ownership. Nevertheless, he expressed his faith in the developer’s abilities, adding that developers prioritize more truly decentralized projects. Finally, on Web 3.0, Dorsey said that at the moment, the proposed new internet frontier was the same thing with a new title.
Earlier in the month world’s wealthiest man, Elon Musk, had also expressed similar skepticism about Web 3.0. He took to Twitter to call it a scam. However, he later clarified his stance that he felt that projects used the phrase to sell people a vision that may not come.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.