Former Twitter CEO Jack Dorsey said on Tuesday that Bitcoin will replace the US currency in a recent Twitter exchange with Grammy award-winning artist Cardi B. “Yes, Bitcoin will replace the US currency,” Dorsey said on Twitter in response to Cardi B’s question.
Cardi B’s Twitter conversation with the tech mogul about cryptocurrencies replacing the dollar drew a lot of attention on the social media platform. Billy Markus, a co-founder of Dogecoin, made a meme on how Dogecoin is more stable than the US currency. “Such a dialogue was actually inevitable,” Bitcoin investor Dennis Porter pointed out.
Dorsey departed Twitter last month to work on fintech business Block, formerly known as Square, paving the way for Twitter’s new CEO, Parag Agrawal, to get fully involved in the company’s decentralized projects.
Earlier, in October, Dorsey claimed that Block is trying to establish a bitcoin mining system based on custom silicon and open source for individuals as well as enterprises. This would be in addition to Square’s other bitcoin-related efforts, which include a company developing an open developer platform and a bitcoin hardware wallet.
In a tweet, Dorsey added, “If we do this, we’ll follow our hardware wallet model: create in the open in partnership with the community.” A team led by Jesse Dorogusker, Square’s hardware lead, will look at the requirements for Square to embark on the project of building a bitcoin mining machine.
Dorsey is a cryptocurrency investor. His passion for cryptocurrency began in 2017, when he began promoting Bitcoin as the king coin. Despite the fact that the crypto market fell in 2018, Dorsey remained undeterred, describing Bitcoin as the “next world currency,” despite the digital currency’s lowest point in several years. Dorsey stated in March 2019 that he spends several thousand dollars each week on Bitcoin.
Dorsey just released the whitepaper for his decentralized Bitcoin exchange concept, tbDEX, which endorses blockchain technology for payment transparency. Bitcoin would be a “huge part” of the company’s future, according to Dorsey, who affirmed this to investors.