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Bitcoin to replace the US dollar but don't be fooled by Web 3.0 claims Twitter co-founder

Jack Dorsey is known for his advocacy of the Bitcoin crypto currency. (Image source: Unsplash/@jack - edited)
Jack Dorsey is known for his advocacy of the Bitcoin crypto currency. (Image source: Unsplash/@jack - edited)
Former CEO of Twitter, Jack Dorsey, has once again been professing his strong belief in the future of Bitcoin. In response to a tweet from American rapper Cardi B, Dorsey reckoned that Bitcoin will replace the dollar. The tech sage has also been revealing a somewhat disparaging view of a blockchain-based Web 3.0.

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”.

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Daniel R Deakin
Daniel R Deakin - Managing Editor News - 2697 articles published on Notebookcheck since 2012
My interest in technology began after I was presented with an Atari 800XL home computer in the mid-1980s. I especially enjoy writing about technological advances, compelling rumors, and intriguing tech-related leaks. I have a degree in International Relations and Strategic Studies and count my family, reading, writing, and travel as the main passions of my life. I have been with Notebookcheck since 2012.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 12 > Bitcoin to replace the US dollar but don't be fooled by Web 3.0 claims Twitter co-founder
Daniel R Deakin, 2021-12-21 (Update: 2021-12-21)