• Jack Dorsey tweeted Monday night that he believes that bitcoin will eventually replace the dollar
  • Dorsey also isn’t bullish on Web3, joining Elon Musk in saying that it’s centralized around VCs

Step aside volcano bonds. Bitcoin isn’t just going to replace sovereign debt offerings, says Block’s CEO Jack Dorsey, but eventually the greenback itself. Also Web3 isn’t all it’s cracked up to be.

Taking to Twitter Monday night, the former CEO of the platform, and founder of payments company Block which rebranded from Square, said in an exchange with Cardi B that bitcoin would eventually replace the US dollar. 

This isn’t the first time that Dorsey has publicly supported crypto — and bitcoin specifically — as he has publicly called bitcoin “King Coin” before while being a public skeptic of Ethereum and its implementation of NFTs.

Dorsey has also said that bitcoin will “unite a deeply divided country (and eventually world).”

In late November, Dorsey announced that he was stepping down as the CEO of Twitter saying that he “believes the company is ready to move on from its founders.”

Shortly after, Square, where he remains CEO, announced that it was changing its name to Block as part of a move to pivot the company to a stronger crypto focus.

“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” the company said at the time. (Incidentally, Block Inc. is now being sued for trademark infringement by tax preparation company H&R Block Inc.)

Back on Twitter, Dorsey also cast doubt on Web3, arguing that it is a centralized platform controlled on servers by venture capitalists and their partners — not exactly the ethos of a blockchain-powered decentralized virtual world that many in the crypto space push.

Elon Musk recently tweeted out something with similar sentiment, dismissing web3 as a plaything of tech VCs when he asked “has anyone seen web3?” to which Dorsey responded “it’s somewhere between a and z” referring to the investment firm a16z.

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    Sam Reynolds is a Taipei-based reporter, covering digital assets and regulation throughout Asia. Before joining Blockworks he was an editor at Forkast News and an analyst with IDC.