Former Twitter CEO Jack Dorsey said in a tweet with Grammy Award-winning rapper Cardi B that he hopes Bitcoin will convert the US dollar. On Twitter, Cardi B asked if cryptocurrencies would convert the US currency, to which Dorsey replied, “Yes, bitcoin will do.” Dorsey, who now heads Black (formerly Square), a digital payments and financial services company he founded in 2009, made predictions on a series of transactions on Twitter in which he dismissed the hype surrounding Web3.
The conversation between Cardi B and Jack Dorsey about the cryptocurrency converting the US dollar provoked massive reactions on the social media platform. Dogecoin co-founder Billy Marcus released a memoir on how Dogecoin is more stable than the US dollar, while Bitcoin investor Dennis Porter points out that “such a conversation is indeed inevitable.”
Dorsey said in October that Black wanted to build a bitcoin mining system based on custom silicon and open source for individuals and businesses. This will add to existing bitcoin-centric plans, including the business of building an open developer site and the hardware wallet for cryptocurrency.
Dorsey had previously suggested that Bitcoin would become the global currency for the Internet, but stopped predicting that it would replace the existing major currencies. Dorsey defeated investors by claiming that Web3 – a set of blockchain-based, distributed applications that, as far as we know, must adapt to the Internet – was subject to the same centralized control as the existing Internet.
“You do not own web3. VCs and their LPs do. It’s never wrong with their incentives. It’s a centralized company with a different label,” Dorsey tweeted, arguing that the venture capital firms that finance Web3 projects would ultimately control it. Future than users.
I’m not suggesting that Web3 is real – it seems to be more of a marketing buzzword than a reality right now – I’m wondering what the future holds in 10, 20 or 30 years. 2051 looks like a crazy future!
– Elon Musk (elonmusk)
He is not the only crypto supporter who is not very happy with the new course. Elon Musk, CEO of Tesla and SpaceX, Web3 “BS”. In a very recent tweet, he gave a very nuanced comment on the matter, saying that the term sounds more like a “marketing password” than the future of the internet.