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Jack Dorsey Says Bitcoin Will Replace the Dollar

In July Dorsey told investors bitcoin would be a big part of Twitter’s future, and in August he tweeted that it would unite the world.

It's not surprising that Grammy award-winning rapper and songwriter Cardi B turned to Block, formerly Square  (SQ) - Get Square, Inc. Class A Report, Founder and CEO Jack Dorsey to talk about cryptocurrency. 

Dorsey is an avid crypto enthusiast and very supportive of bitcoin and other cryptocurrencies.

Cardi B asked Dorsey if "crypto is going to replace the dollar?" a question that's probably plagued monetary and fiscal policy experts for a while now.

Dorsey tweeted, "Yes, Bitcoin will."

Not surprising. In July, Dorsey who recently parted ways with social media company Twitter  (TWTR) - Get Twitter, Inc. Report told investors bitcoin would be a big part of Twitter’s future, and in August he tweeted that it would unite the world.

He has also self-admittedly wanted to work on bitcoin over his day job at Twitter or Square.

“If I were not at Square or Twitter, I’d be working on bitcoin,” Dorsey told a crowd at Bitcoin 2021, a mega-conference that drew tens of thousands to Miami in June, as reported by CNBC.

Bitcoin May Replace the Dollar, But Not Soon

Experts say the bitcoin dollar switch-up may not happen anytime soon.

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Kenneth Geers, external communications analyst for Very Good Security, a San Francisco-based data security firm told technology reviews website PCMag in May that, “There is no doubt that cryptocurrency is a game-changer. But in the near term, it will not replace the U.S. dollar. In the long term anything is possible, but expect government resistance.”

Julian Sawyer, CEO of Bitstamp, one of the world’s longest-running crypto exchanges, told Bloomberg that he does not expect bitcoin or any other cryptocurrency, to take over for traditional currency. 

“There’s been a lot of people who have sat in the crypto world who’ve said, ‘Oh, crypto is going to take over the world and traditional banks and central banks will go away,’” he said. “That’s not going to happen. Will there still be the dollar? Yes. Will there still be Visa and Mastercard? Absolutely. It will just be we’ll have alternatives for using plastic, or paper, or coins or checks.”

Separately Jesse Powell, CEO of crypto exchange Kraken recently said the dollar is going to crash and bitcoin will see its price fall dramatically in 2022.

Bitcoin Has Been Volatile

Bitcoin's share in the cryptocurrency market fell sharply from 70% to 40% in 2021 and is expected to slide further next year. 

Bitcoin’s reign in the crypto market will continue to drop next year “given the explosion of assets in the crypto space and the various use cases,” Vijay Ayyar, head of Asia Pacific at Singapore crypto exchange Luno told Bloomberg.

Last month, cryptocurrencies across the board witnessed a wide selloff on with prices of some of the most popular tokens including bitcoin, ethereum, XRP, solana, and dogecoin all declining sharply.

Bitcoin price is up 5.1% in the last 24 hours, according to CoinGecko, a price-tracking website for crypto assets. The price of bitcoin was trading 2.88% higher at $48,628 on Tuesday.