Bitcoin to replace the US dollar but don't be fooled by Web 3.0 claims Twitter co-founder
Jack Dorsey isn’t shy when it comes to making his opinions known, and the co-founder of Twitter and big-time Bitcoin supporter has been weighing into a crypto-related discussion started by a somewhat surprising source, singer Cardi B. The rapper tweeted the question “Do you think crypto is going to replace the dollar”, which Dorsey responded to with the specific affirmative of “Yes, Bitcoin will”.
Unsurprisingly, that comment set off another thread with some stating that Bitcoin’s restrictive supply limit of 21 million bitcoins would be problematic in regard to replacing the US’s fiat money, while others found it hard to believe any government would be willing to replace its currency with crypto. However, the crypto fans were soon onboard, leading to a lively conversation about Bitcoin’s future.
But Dorsey was less effusive about the notion of Web 3.0, which has been put forward as a concept of decentralizing the Internet away from “Big Tech”. However, Dorsey believes that this idea is already “owned” by institutions such as venture capitalist firms and limited partnerships, meaning it will be just a different business set (“Big FinTech” perhaps?) that will end up centralizing the Web 3.0 concept. The former Twitter boss signs off his post with the possibly prophetic warning “Know what you’re getting into”.
Yes, Bitcoin will— jack⚡️ (@jack) December 21, 2021
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…