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Dorsey Says Bitcoin Will Replace The US Dollar

Ex Twitter boss says in exchange of tweets that Bitcoin will someday replace the dollar.

As a reply to the rapper Cardi B, asking if crypto would ever replace the US dollar, Jack Dorsey, who recently left his role as Twitter boss to concentrate on his other company Square, said: “Yes, bitcoin will.”

This is the first time that Dorsey has actually stated his view that Bitcoin will replace the dollar. Up to now he has always stopped short of uttering such a belief.

The exchange of tweets included many replies from both sides of the fence. It is well known that central banks are worried about the growth of cryptocurrencies, and the effect they may have on the stability of the fiat monetary system.

To this effect, one Twitter user replied:

A very polarised view over whether Bitcoin will replace the US dollar is certainly out there. However, a lot of analysts, even from the crypto camp, don’t believe that replacing the US dollar is the job of Bitcoin.

Bitcoin is generally seen as an alternative to gold, as a safe store of value. The slowness of its blockchain, even with the implementation of the lightning network, would suggest that Bitcoin is nowhere near becoming a usable reserve currency.

Be that as it may, there are developments within the crypto space that could be put forward as future viable mediums of exchange that could replace fiat currencies.

Governments and their central banks are eyeing the crypto space with some trepidation in this respect, and it may well be that regulators are tasked with making sure that private crypto assets do not get in the way of centrally controlled digital assets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.