A recent Twitter exchange with Grammy-winning rapper Cardi B saw Jack Dorsey, the former CEO of Twitter, declare that Bitcoin will replace US dollars. Cardi B asked Dorsey on Twitter whether crypto would replace the US dollar. Dorsey responded, “Yes, Bitcoin will.”
Yes, Bitcoin is possible
– Jack (@jack) December 21, 20,21
Massive reactions were generated on social media after the Twitter exchange between Cardi B (the tech billionaire) and Cardi B about cryptocurrency replacing dollars. Billy Markus, co-founder of Dogecoin, posted a meme claiming that Dogecoin is safer than the US dollar. Dennis Porter, a Bitcoin investor, pointed out that such a conversation was inevitable.
Last month, Dorsey quit Twitter to concentrate on Block, which was formerly Square-making Parag Agawal. He is now the new CEO of Twitter and heavily involved in decentralised projects within the company.
In October, Dorsey stated that Block was looking to create a Bitcoin mining system using custom silicon and open-source for both individuals and businesses. This would be in addition to Square’s already existing bitcoin-focused projects, including a business to create an open developer platform and a hardware wallet.
Dorsey tweeted that he would do this if Square’s hardware wallet model was followed: Build in the open and collaborate with the community. Jesse Dorogusker (square’s hardware lead) will be leading a team that will examine the requirements for Square to accept the project to create a bitcoin mining network.
Dorsey is an investor in Bitcoin. Since 2017, Dorsey has been passionate about cryptocurrency. He first advocated Bitcoin as the king currency in 2017. Dorsey didn’t seem to be affected by the crash of the crypto market in 2018. He called Bitcoin the future currency, despite it being at its lowest point for several years. Dorsey stated that he spends many thousand dollars per week to purchase Bitcoin in March 2019.
Dorsey supports blockchain technology to enable transparency in payments and has published the whitepaper for its proposed decentralised Bitcoin exchange, tbDEX. Dorsey confirmed to investors that Bitcoin would be an important part of the company’s future.