Jack Dorsey: Bitcoin Could Replace US Dollar

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  • Jack Dorsey believes that Bitcoin can “complement or replace” the US dollar
  • The Twitter co-founder talked up its decentralized nature in a recent interview
  • Dorsey believes that Bitcoin could hit $1 million by 2030

Twitter co-founder and Bitcoin advocate Jack Dorsey has made another bold prediction about the future of the world’s leading cryptocurrency. Speaking at an exclusive summer solstice event hosted by music producer Rick Rubin in Tuscany, Italy, Dorsey shared his belief that Bitcoin is set to revolutionize the global financial system within the next 10 to 15 years. During the talk, Dorsey reiterated his belief that Bitcoin has the opportunity to either share the hegemony of the US dollar in terms of global usage or even surpass it.

Bitcoin Could “Complement or Replace” US dollar

During the event, titled “Tech and Freedom,” Dorsey expressed his confidence to an elite audience that Bitcoin will transition from a store of value to a widely used, permissionless currency in the Western world. The entrepreneur noted, “It’s going to take some time,” but added that “Little by little, people see the value of this system [and] why it’s so powerful.”

Dorsey, who sported a Satoshi Nakamoto t-shirt and gold chain, said that he envisioned a future where Bitcoin becomes a primary means of transaction globally, potentially overtaking the US dollar. The entrepreneur remarked, “It could potentially… complement or replace the US dollar, which rules everything,” although such adoption won’t be possible without the continued rise in adoption of the Lightning Network to facilitate instant payments.

Highlighting the decentralized nature of Bitcoin, Dorsey emphasized the benefits of moving away from government-controlled currencies like the US dollar and the Chinese yuan:

These are two entities that control the value of your money, and you don’t elect them, whereas [with] Bitcoin, you have a lot more control and a lot more free agency.

$1 Million by 2030

Dorsey, who also founded financial technology firm Block, has been a vocal supporter of Bitcoin for years. In a 2018 interview with the New York Times, he asserted his belief in Bitcoin’s potential to become the world’s dominant currency, noting, “[Bitcoin’s rise] will probably occur over ten years, but it could go faster,” adding, “The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”

More recently, in May this year, Dorsey predicted that Bitcoin’s price could surpass $1 million by the end of the decade, a price tag that would be helpful for Block as it has recently committed to reinvesting 10% of its gross profits from Bitcoin-related products and services back into purchasing more of the cryptocurrency.