Bitcoin Will Replace the Dollar, Jack Dorsey Tells Cardi B
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Popular bitcoin proponent, Jack Dorsey, in a recent tweet on Tuesday said the leading cryptocurrency, Bitcoin (BTC), will replace the U.S. dollar.
His comment was in response to a tweet posted by popular American rapper Cardi B, asking her Twitter followers if they saw crypto replacing the US dollar.
“Yes, Bitcoin will,” Dorsey replied.
The Twitter conversation saw mixed reactions among the Twitter community. A user by the name Sonic Zhang @259 supported Dorsey’s claims saying:
“When you discover the true potential of unbounded Bitcoin, you will know it’s a lot more capable than dollar.”
This news came just weeks after Jack Dorsey stepped down as Twitter CEO and his firm Square rebranded as Block to focus on blockchain technology.
Jack Dorsey Sees Potential in Bitcoin
Jack Dorsey is a famous Bitcoin advocate with so much belief in the potential of not just any other digital asset but the leading cryptocurrency.
His payment services company, Block, added $50million worth of BTC to its portfolio in October last year after first buying $170 million worth of BTC in February 2020.
He once said there is nothing more important to work on in a lifetime than Bitcoin.
Dorsey also said he could leave Block and Twitter to focus on Bitcoin if the digital assets needed more help.
Will the Government and Regulators Back BTC?
As Bitcoin has continued to surge significantly since its inception, it has drawn the attention of governments and regulators across nations, and with their approach, the digital asset replacing the U.S. dollar is unlikely now, but maybe in the long run.
Most governments and regulators have refused to see the leading cryptocurrency as a medium of exchange but rather view it as a property.
For instance, the United States Internal Revenue Service (IRS) is now seeking ways to tax profits on BTC investments just like stocks, gold, and real property.
Meanwhile, as the U.S. government and regulators view BTC as a property and not a medium of exchange, El Salvador, a country in Central America, has adopted Bitcoin as a legal tender and it has been working out fine so far.
Cryptocurrency
