Jack Dorsey says crypto will replace the dollar, then slams Web3

December 21, 2021, 3:34 PM UTC

Jack Dorsey is stirring the crypto pot once again.

The cofounder and former CEO of Twitter on Monday evening took to the social media platform to declare his belief that Bitcoin would replace the dollar.

Responding to a question from singer Cardi B (no, really!), Dorsey once again showed enthusiasm for the cryptocurrency, setting off a firestorm of comments from critics in the replies.

Dorsey is one of Bitcoin’s biggest cheerleaders, saying earlier this year at the Bitcoin 2021 conference in Miami that the crypto “changes everything” for him and “I don’t think there’s anything more important in my lifetime to work on, and I don’t think there’s anything more enabling for people around the world.”

Block (formerly Square), where Dorsey remains CEO, has invested heavily in Bitcoin. An October report in Bitcoin Magazine said the company held nearly 8,027 Bitcoins. That would put the current worth of those holdings at $390 million.

Dorsey’s Monday tweet-storm also touched on his thoughts about Web3, which some people believe will be the next iteration of the internet. Long story short? He’s not a fan.

“You don’t own ‘web3,’” he wrote. “The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.”

It wasn’t long before Elon Musk jumped in, tweeting, “Has anyone seen web3? I can’t find it.”

“It’s somewhere between a and z,” Dorsey replied.

Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you.

Read More

CryptocurrencyInvestingBanksReal Estate