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Will Bitcoin Eventually Replace the US Dollar? Yes, Says Tech Billionaire Jack Dorsey ⋆ ZyCrypto
Jack DorseyTwitter billionaire founder and CEO of Bitcoin-focused payments firm Block has released an epic Bitcoin prediction. Dorsey said he believes Bitcoin (BTC) could eventually replace the U.S. dollar.
Although the dollar is currently the preferred currency for international transactions, he argues that within a couple of years, Bitcoin will achieve global supremacy.
Bitcoin to Dethrone USD
About At an exclusive event titled “Technology and Freedom” held last week in Tuscany, Italy, Dorsey expressed confidence in Bitcoin’s evolution in the West from a store of value to a primary, permissionless currency that holders would feel comfortable using on a daily basis.
“It’s not 10 years, it could be 15,” Dorsey said. “It’s going to take time, but little by little people will see the value of his system and why it’s so powerful and why it could potentially complement or replace the U.S. dollar that rules everything and is currently being challenged by the Chinese yuan.”
Dorsey noted that when Bitcoin becomes the preferred means of making transactions around the world, the world’s largest and oldest cryptocurrency could supplant the dollar as the preferred currency for international payments.
The tech billionaire also stressed the importance, in his opinion, of shifting the global economy away from its current dependence on the US dollar and the yuan.
“[The U.S. dollar and China’s yuan] they are two entities that control the value of your money and you do not elect them, while [with] With Bitcoin you have much more control and much more freedom of action.”
Dorsey’s bullish Bitcoin forecast comes as the International Monetary Fund warns of a significant decline in the U.S. dollar’s share of currency reserves held by central banks around the world.
Dorsey has long been one of Bitcoin’s most outspoken supporters. He wears Satoshi T-shirts, donates to Bitcoin Core developers, and publicly praises the cryptocurrency’s virtues. In May, he predicted that the preeminent cryptocurrency would reach $1 million by 2030.