Cardi B sparked a wave of debate on Twitter by asking her followers if they think Bitcoin will replace the US dollar. Among those who responded was former Twitter CEO Jack Dorsey, who believes that this will be the case.
American rapper Cardi B recently asked her Twitter followers if they thought Bitcoin would replace the US dollar. The responses included a retweet from none other than Jack Dorsey, who said he believed that the cryptocurrency would displace the US dollar.
Strong Bitcoin proponent Jack Dorsey made the headlines some weeks ago for resigning from his CEO position at Twitter. He held that management position since the foundation of Twitter in 2006, but that was not the only thing that he did.
He has also worked on side projects in the cryptocurrency industry, which he recently decided to do full time by leaving Twitter. In 2009, he founded Block, originally Square, which became involved with cryptocurrencies. Besides, he currently runs a Bitcoin mining farm that he launched in August 2021.
Jack Dorsey Also Believes that Bitcoin Will Replace US Dollar
Jack Dorsey answered the question Cardi B posted on Twitter by saying that Bitcoin will replace the US dollar. In that way, the former CEO of Twitter made it clear that he has joined the analysts who believe that will happen at some point.
That agrees with the ideas of economists like Gael Sánchez Smith, who predicts that the cryptocurrency will be a common currency worldwide. In addition, they consider that the market will set the values of things in Bitcoin rather than the US dollar or another fiat currency.
They attribute that prediction to the growing number of people buying Bitcoin and its daily adoption for payments and money transactions. For that reason, some analysts think that it could replace fiat currencies such as the US dollar. Besides, the pioneering cryptocurrency does not depend on any centralized entity for its issuance.
In 2021, the cryptocurrency created by Satoshi Nakamoto managed to exceed USD 3 trillion in market capitalization. In the last week, Visa stated that cryptocurrencies would change the way people do business. In addition, their adoption has grown significantly in a short time, which suggests that it will continue.
Some People Prefer Bitcoin Due to the Current Devaluation of the US Dollar
Different public figures recently expressed that they prefer saving in Bitcoin rather than in US dollars due to the current inflation in the United States. The cryptocurrency shows long-term bullish signs, but the US dollar loses value over time. Jesse Powell, the CEO of Kraken, believes that this has driven the purchase of the crypto asset.
At the same time, enthusiasts have opposite positions about the first cryptocurrency in the market. Some consider that it is positive since it encourages decentralization and freedom, but the most traditional ones argue it is a threat if unregulated. The latter include former US presidential candidate Hillary Clinton, who said she fears it would replace the US dollar and other fiat currencies.
By Alexander Salazar
