Jack Dorsey Says ’Bitcoin Will Replace US Dollar’ and ‘You Don’t Own Web3’

Twitter founder and Block CEO Jack Dorsey’s Bitcoin maximalism was on display in reply to a question from Cardi B, while sharing that he’s bearish on Web3


Blockworks exclusive art by Axel Rangel


key takeaways

  • 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. 

Loading Tweet..

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.

Loading Tweet..

Dorsey 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.

Loading Tweet..

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.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


Plus, Imran Khan’s intriguing experiment on the speeds of crypto onramps


The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks


PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants


Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians


Vance, an Ohio Republican, is largely seen as crypto-friendly


Plus, all the world is green as prices across the crypto space rally, with solana reaching a nearly two-week high