Jack Dorsey recently announced his retirement from his post as Twitter CEO. Back then he announced that he will shift his focus to his new passion, cryptocurrencies. Now, Grammy award-winner Cardi B has taken to Twitter to ask if Bitcoin will replace the US dollar? To which Dorsey replied, “Yes, Bitcoin will.” Also Read - NFT bug bites Twitter, enables NFT Profile Pictures for Twitter Blue users
Yes, Bitcoin will Also Read - Twitter finally makes Communities available on Android
— jack⚡️ (@jack) December 21, 2021 Also Read - How to record and download Twitter Spaces in simple steps
This interaction between Cardi B and Dorsey sparked conversation on the topic with both supporters and opposers. Dogecoin co-founder Billy Markus pitched in with a meme showcasing how meme coin Dogecoin is more stable than the US dollar. While some others stated that this was impossible and that people should not fall into this pit.
To recall, Dorsey left Twitter to focus on his passion for cryptocurrencies with his fintech firm Block, formerly known as Square. He has already announced that Block is looking to build a bitcoin mining system based on custom silicon. This system will be open source for individuals as well as businesses.
Dorsey had stated that if Block develops a mining system, it will be based on their hardware wallet model, which was built in collaboration with the community.
To recall, Dorsey started advocating Bitcoin as the king coin back in 2017 and has remained invested in it. Even after the crypto market crash in 2018, he remained unfazed, still supporting Bitcoin and calling it the future world currency. Then in 2019, he revealed that he continues to spend several thousand dollars every week to accumulate Bitcoin. His main reason behind supporting cryptocurrencies is the transparency of payment due to blockchain technology.
He even recently released a whitepaper of his decentralised Bitcoin exchange proposal— tbDEX. He also confirmed to all investors that Bitcoin will remain a big part of the company’s future.