In a recent event in Italy, Twitter co-founder Jack Dorsey shared his vision of a future where Bitcoin (BTC) will replace the US dollar.
Despite current price declines, Dorsey remains optimistic about Bitcoin’s long-term potential and its role in the global financial landscape.
Read on to explore his insights and predictions for Bitcoin’s future.
Bitcoin’s Future as a Dollar Replacement
Twitter co-founder Jack Dorsey recently expressed his belief that Bitcoin (BTC) will eventually replace the US dollar. This revelation came during an event held in Italy and was reported by Forbes and other media outlets.
Jack Dorsey mentioned, “It might take some time, but in the future, people will recognize the value and strength of Bitcoin. They will understand its potential to complement and eventually replace the US dollar.”
Dorsey explained, “Currently, the US dollar and the Chinese yuan are the two main entities managing the value of money, but these were not chosen through a voting process.”
He emphasized Bitcoin’s advantages by stating, “On the other hand, Bitcoin offers greater freedom and more control.”
It may take some time, but people will gradually come to understand the value of this system, its power, and its potential to replace the US dollar. Currently, the U.S. dollar controls everything, but it is being challenged by the Chinese renminbi.
The US dollar and the renminbi are the two entities that control the value of money and you can't elect them, but bitcoin has a lot more freedom and control over more things.
Jack Dorsey has been a staunch supporter of Bitcoin and blockchain technology. As early as 2018, he expressed the belief that “Bitcoin will become the world’s currency” and described Bitcoin as “the ideal native currency for the internet.”
Dorsey’s fintech company, Block, is actively expanding its Bitcoin-related services. On May 2, 2024, the company announced that “10% of the gross profit from Bitcoin-related products will be used to purchase Bitcoin every month.”
Despite the ongoing decline in Bitcoin prices since around June 7, Jack Dorsey predicted in an interview this past May that “BTC prices will exceed $1 million by 2030.”
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