Jack Dorsey, the outgoing CEO of Twitter, made an extreme forecast in light of the rise of senior digital currency in the past year: “It could certainly replace the dollar. If I had not worked all those years on Twitter, I would have worked for a Bitcoin-related company.”
Former Twitter CEO Jack Dorsey, who recently left the social media giant he founded to grow his payments company, has put forward a dramatic forecast that Bitcoin will eventually replace the dollar as the official currency of the United States.
The price of bitcoin, has risen significantly over the past 12 months, but has dropped significantly since reaching a peak of almost $ 70,000 in recent weeks, losing more than 30% of its value in just over a month. The recent collapse in bitcoin prices also hit the price of atrium, which fell by almost 20%.
Bitcoin soared shortly after Dorsey’s tweet and has become a downward trend in recent days, adding 5% to the price of bitcoin over the past 24 hours and boosting the price of ethereum and the wider crypto market. Dorsey, who responded to rapper Cardi B on Twitter, asked “Do you think the crypto is going to replace the dollar?” – Answered: “Yes, Bitcoin will do that”.
Dorsey has believed in Bitcoin for years, often talking about Bitcoin’s prospects in interviews and releasing Bitcoin-based services on both Twitter and Square. “If I were not in Square or Twitter, I would work for a Bitcoin-related company,” Dorsey said at a Bitcoin conference in Miami in June. At the time he said “both companies have a role”.
Bitcoin, created just over a decade ago in response to the 2008 global financial crisis, has found a niche like “digital gold,” a scarce, decentralized digital asset that some investors and even companies and countries have begun to own as a store. Of value and protection against inflation and risk. However, others still do not see Bitcoin ever replacing the dollar and other currencies called fiat, with government backing.