Sam Reynolds

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                <li>Jack Dorsey tweeted Monday night that he believes that bitcoin will eventually replace the dollar</li>
                <li>Dorsey also isn’t bullish on Web3, joining Elon Musk in saying that it&#8217;s centralized around VCs</li>
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<p>Step aside <a href="https://cms.blockworks.co/el-salvador-plans-bitcoin-city-funded-by-bitcoin-bonds-and-powered-by-a-volcano/" target="_blank" rel="noreferrer noopener">volcano bonds</a>. Bitcoin isn’t just going to replace sovereign debt offerings, says Block’s CEO Jack Dorsey, but eventually the greenback itself. Also Web3 isn&#8217;t all it&#8217;s cracked up to be.<br><br>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 <a href="https://twitter.com/iamcardib" target="_blank" rel="noreferrer noopener">Cardi B</a> that bitcoin would eventually replace the US dollar. </p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Yes, Bitcoin will</p>&mdash; jack⚡️ (@jack) <a href="https://twitter.com/jack/status/1473089482576564225?ref_src=twsrc%5Etfw">December 21, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>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.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">I agree with the spirit of NFTs. And I never said anything about Bitcoin and NFTs</p>&mdash; jack⚡️ (@jack) <a href="https://twitter.com/jack/status/1425992128602288129?ref_src=twsrc%5Etfw">August 13, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Dorsey <a href="https://twitter.com/jack/status/1424854924194729984?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1424854924194729984%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcms.blockworks.co%2Fwp-admin%2Fpost.php%3Fpost%3D12995action%3Dedit" target="_blank" rel="noreferrer noopener">has also said</a> that bitcoin will “unite a deeply divided country (and eventually world).”</p>



<p>In late November, Dorsey <a href="https://cms.blockworks.co/twitter-ceo-jack-dorsey-to-step-down-cto-parag-agrawal-appointed-as-successor/" target="_blank" rel="noreferrer noopener">announced that he was stepping down</a> as the CEO of Twitter saying that he “believes the company is ready to move on from its founders.”</p>



<p>Shortly after, Square, where he remains CEO, <a href="https://cms.blockworks.co/jack-dorseys-square-to-change-its-name-to-block/" target="_blank" rel="noreferrer noopener">announced that it was changing its name</a> to Block as part of a move to pivot the company to a stronger crypto focus.</p>



<p>“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 <a href="https://www.bloomberg.com/news/articles/2021-12-16/h-r-block-claims-jack-dorsey-s-block-inc-violates-trademark" target="_blank" rel="noreferrer noopener">now being sued</a> for trademark infringement by tax preparation company H&amp;R Block Inc.)</p>



<p>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.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">You don’t own “web3.”<br><br>The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. <br><br>Know what you’re getting into…</p>&mdash; jack⚡️ (@jack) <a href="https://twitter.com/jack/status/1473139010197508098?ref_src=twsrc%5Etfw">December 21, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Elon Musk recently tweeted out something with similar sentiment, dismissing web3 as a plaything of tech VCs <a href="https://twitter.com/elonmusk/status/1473165434518224896" target="_blank" rel="noreferrer noopener">when he asked</a> “has anyone seen web3?” to which Dorsey <a href="https://twitter.com/jack/status/1473165759224463360" target="_blank" rel="noreferrer noopener">responded</a> “it’s somewhere between a and z” referring to the investment firm a16z.</p>



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