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Cryptocurrency

Former Twitter CEO Dorsey Believes Bitcoin Will Replace US Dollar

The Twitter exchange between the tech millionaire and rapper prompted massive reactions among the Twitterati.

File image of former Twitter CEO Jack Dorsey. (Photo: AP/PTI Photo)

New Delhi: The former chief executive of micro-blogging platform Twitter Jack Dorsey believes that cryptocurrency Bitcoin will replace the US dollar. Dorsey said that while replying to Grammy-winning rapper and songwriter Cardi B on Twitter, where she asked if cryptocurrency will replace the US dollar, to which Dorsey replied, “Yes, Bitcoin will.”

The Twitter exchange between the tech millionaire and rapper prompted massive reactions among the Twitterati as Dorsey’s affirmation comes at the time when greenback took a hit amid fears surrounding the Omicron and surge in cases reported around the world.

The short interaction went viral and Dogecoin co-founder Billy Markus posted a meme depicting how Dogecoin is more stable than the US dollar at the moment.

Dorsey is a Bitcoin investor and endorses blockchain technology for transparency in payment. Incidentally, after this Twitter exchange the Bitcoin, which has reportedly lost over 30 per cent its in over a month, rose back by over $48,000 on Tuesday after a 5 per cent overnight price surge.

His love for Bitcoin has remained unfazed over the years. Back in 2017 he began advocating Bitcoin as the king coin of crypto. However, when the cryptocurrency market crashed in 2018, Dorsey remained unperturbed, and went on to call Bitcoin the future currency of the world. Then in March 2019, Dorsey confirmed that he spends several thousand dollars each week to buy Bitcoin.

Earlier this month, Dorsey resigned as the CEO of Twitter and is currently the CEO of Square, a payments company.