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Ex-Twitter Jack Dorsey stirs uproar by dismissing Web3, believes Bitcoin can replace US dollar

Dorsey has always been a supporter of Bitcoin. He is also the co-founder and CEO of Block, previously Square Inc., a financial services firm.

Ex Twitter Jack Dorsey stirs uproar by dismissing Web3 believes Bitcoin can replace US dollar gcw
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New Delhi, First Published Dec 22, 2021, 11:51 AM IST
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Jack Dorsey, the former CEO of microblogging network Twitter, stated that Bitcoin would eventually replace the US currency. In response to musician and songwriter Cardi B's tweet asking if cryptocurrency will replace the dollar, Dorsey answered, "Yes, Bitcoin will." Dorsey has always been a supporter of Bitcoin. He is also the co-founder and CEO of Block, previously Square Inc., a financial services firm.

Meanwhile, billionaires Elon Musk and Jack Dorsey have mocked the so-called Web3 and criticised the role of venture capital firms in building what has been labelled the "next phase of the Internet." Web3, a hazy term for a decentralised utopian version of the Internet, is built on blockchain, the digital record-keeping technology that also powers platforms that manage cryptocurrencies such as Bitcoin and Ether.

In a recent tweet, Jack stated that he would transfer $1 billion in equity shares from Square equity, which accounts for around 28 per cent of his overall net worth, to establish a tiny LLC to support worldwide COVID-19 assistance. Dorsey stated that once the epidemic is gone, his firm would focus on girls' health and education and UBI. He said that it would run transparently and that all flows would be tracked.

 

Also Read | Jack Dorsey resigns from Twitter after 16 years; Parag Agrawal to be new CEO

Dorsey resigned as CEO of Twitter last month, and the business announced that its Chief Technical Officer (CTO) Parag Agrawal would take over as the next CEO. Dorsey said earlier this year that he and rapper Jay-Z were forming a new trust to finance Bitcoin development, with an initial focus on teams in Africa and India. He stated that they would donate 500 Bitcoins to the trust and searched for three board members. Later that month, the former Twitter CEO said that they had evaluated over 7,000 applications and had chosen six individuals to be interviewed to pick the three board members.

 

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