Jack Dorsey recently answered one of Cardi B’s latest tweets on 21st Dec, asking whether we believe that crypto can replace the US dollar by responding, “Yes, Bitcoin will.” This happened against a backdrop where dollar’s value has been falling due to the rising Omicron variant cases, and the currency’s value is currently volatile.
Do you think crypto is going to replace the dollar?— Cardi B (@iamcardib) December 21, 2021
This interaction between the tech billionaire and the Grammy award-winning rapper soon went viral on social media, with millions giving their reactions to it.
Impact On The Market
It must be noted that the cryptocurrency market, which was on the rise for most of 2021, had started to fall in value over the last few weeks at this time. The Economic Times also remarks on the same, reporting that Bitcoin – which is among the most prominent currencies on the digital tokens market – reportedly lost over 30% of its value in over a month; Ethereum prices also fell by nearly 20% at the time. Nonetheless, the tables soon turned for the bearish crypto market after this tweet.
Bitcoin surged shortly after the exchange on Twitter, and even a reversal of the downward trend in prices was observed. $BTC rose back by over $48,000 on Tuesday after a 5 per cent overnight surge in prices.
In regards to this conversation, Bitcoin investor Dennis Porter promptly pointed out that “such a conversation was actually inevitable.” Dogecoin co-founder Billy Markus also joined the foray by posting a meme about how Dogecoin is more stable than the US dollar.
Jack Dorsey’s Hot Takes
On December 21, Dorsey claimed that Bitcoin will replace the Dollar, but this isn’t the first time that he has conveyed his faith in this cryptocurrency. On August 10 of this year, Jack Dorsey said on social media that Bitcoin will unite a deeply divided country and eventually, the world.
#Bitcoin will unite a deeply divided country.— jack⚡️ (@jack) August 9, 2021
(and eventually: world)
Despite all this, Dorsey does not share the same enthusiasm when it comes to Web3 (the third generation of internet services that has been made possible by decentralized networks), and the manner in which it is funded.
You don’t own “web3.”— jack⚡️ (@jack) December 21, 2021
The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.
Know what you’re getting into…
There have been a variety of responses to this tweet, with some in the crypto community criticizing the man while others stand in favor of his views.
- Interested in more news about Bitcoin? Read Gwyneth Paltrow Fans To Be Gifted $500K In Bitcoin This Holiday Season.