Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
This was said in response to a question asked by Cardi B. She asked whether the US currency would be replaced by Bitcoin.
The crypto market has seen a considerable fall since peaking in November. According to Forbes, the market has lost about $1 trillion of its value since hitting its all-time high. As the recent market pullback has given critics enough reasons to defend their “bubble claim” of digital assets, Jack Dorsey, former Twitter Inc (NYSE: TWTR) CEO and Block Inc (NYSE: SQ) founder believes that Bitcoin will replace the US dollar. This was in response to a question asked on Twitter by rapper Cardi B. She asked whether the US currency would be replaced by Bitcoin.
As much as Dorsey’s response about Bitcoin and the US dollar excites the crypto community that has been a bit worried about the destiny of the digital asset, his position on crypto has always been clear. He has been expressing his support for Bitcoin since 2018 and even tweeted that “Bitcoin will unite a deeply divided country. (and eventually: world).”
Last month, Dorsey stepped down from his position on the social media giant to focus on his company formerly known as Square Inc. Just as his stance on Bitcoin has been, he has enabled Bitcoin tipping on the platform and assured users that it will integrate NFT authentication. His company also purchased $50 million in Bitcoin in 2020.
The Root of the Former Twitter CEO’s Love for Bitcoin
During the B-Word conference organized by Crypto Council, Dorsey stated that the community behind Bitcoin inspires him the most.
“What really drives my thinking and drives my passion behind it is, if the internet has a chance to get a native currency, what would that be? To me, it’s bitcoin because of those principles, because of its resilience, ” said Dorsey. “What inspires me the most [about bitcoin] is the community driving it. It reminds me of the early internet, ” he added.
According to him, Bitcoin is deeply principled, weird, and always evolving. He explained that the digital asset reminds him greatly of the internet when he was a kid.
Recently at the Bitcoin 2021 conference, Dorsey reemphasized his position stating that he sees Bitcoin as a way of protecting currency devaluation.
Senator Rand Paul also expressed his concern about the increased loss of confidence in the government currencies some months ago. According to him, Bitcoin could replace the USD. He believes that government currencies are so unreliable, and has questioned whether or not crypto could become the reserve currency in the world.
“I’ve started to question whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in the government currencies,” he said.
Speaking to Axios on HBO, he expressed his surprise at the growth of the crypto market and hinted that he always believes that various currencies must be backed by something of real value, like gold or commodities. However, Bitcoin is also backed by nothing.