Former Twitter CEO and current chief at fintech firm Block (formerly Square), Jack Dorsey, had a tweet exchange Monday evening with rap star and Grammy winner Cardi B. The performer tweeted to her 20.5 million followers the following question, “Do you think crypto will replace the dollar?” To which Dorsey replied, “Yes, Bitcoin will.”
What’s interesting is that he didn’t say crypto in general or a vague blockchain-based technology would replace the dollar. Jack flatout backed Bitcoin as the heavyweight currency champion of the world.
During recent congressional hearings in both the House of Representatives and Senate, politicians on both sides of the political aisle expressed concerns that stablecoins and Bitcoin could undermine the dollar as the global reserve currency.
None of the testifying witnesses at either hearing, which included academicians and crypto executives from trading exchanges and stablecoin providers, directly stated that any form of cryptocurrency would replace the dollar.
Dorsey flipped that script on its head with a single tweet.
Although, that’s not all that surprising. He has reiterated to Block investors that Bitcoin will play a major role in the company’s future ambitions. Before Dorsey resigned from Twitter, he stated in October that Block was investigating how to construct a Bitcoin-mining system based on open source code and custom silicon.
Those plans would bolster Block’s existing Bitcoin projects that include a decentralized exchange (DEX), the tbDEX white paper was recently issued; a Bitcoin-focused open developer platform; as well as a hardware wallet for the cryptocurrency. It’s worth noting that Block has enabled Bitcoin payments through its Cash App service since 2018.