The cryptocurrency trading revolution exploded more than ten years ago and led to an almost unprecedented economic and financial earthquake. As a result, people are learning to change their approach to payment and investment systems, pushing up the price of many cryptocurrencies. Such a rapid change has not gone unnoticed on the boards of the world's major central banks. In fact, in an increasing number of countries, central banks are working on launching centralized digital currencies, known as CBDC. This…
Jack Dorsey, the CEO of Block, thinks Bitcoin will replace the dollar.
The tech entrepreneur, and the founder and former CEO of Twitter, replied to the question by the rapper Cardi B. The rapper and songwriter asked if crypto would replace the U.S. dollar. Dorsey, a known Bitcoin maximalist, said that it will. Specifically, he believes the crypto that will replace the dollar will be Bitcoin.
Yes, Bitcoin will
— jack⚡️ (@jack) December 21, 2021
The reply prompted some 800 comments and got 13k likes. Other crypto enthusiasts weighed in as well. For example, Billy Markus, the creator of Dogecoin, shared a meme joking about Doge being more stable than USD.
— Shibetoshi Nakamoto (@BillyM2k) December 21, 2021
Several weeks ago, after spending 16 years in the company, Dorsey resigned as the CEO of Twitter. He did so to concentrate more on his other company, Square.
There’s a lot of talk about the importance of a company being “founder-led”. Ultimately I believe that’s severely limiting and a single point of failure. I’ve worked hard to ensure this company can break away from its founding and founders.
Just days after the announcement, Square changed its name to Block. This was because the company wanted to shift its focus to crypto and blockchain tech. Block will control Square, CashApp, TIDAL, Spiral and a Bitcoin business TBD. The move followed a similar step by Meta, formerly Facebook.
Not to get all meta on you… but we’re going to! 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 corporation also mentioned has changed, its purpose and course of operation have not. Block is a global tech company with a focus on financial services. They aim to help more people to more easily access the economy.
Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.
For instance, Square helps sellers grow with its business software, banking services, and commerce solutions. On the other hand, Spiral (recently called Square Crypto) builds and funds free and open-source Bitcoin projects. The company recently launched a dev kit for Bitcoin’s Lightning Network.
Cardi B and Crypto
This is not the first time Cardi B was in contact with crypto. In December 2020, she gave away $1 million in Bitcoin in partnership with Megan Thee Stallion. The fellow rapper, also known as Hot Girl Meg, gave out the money as a marketing stunt for CashApp. Curiously, CashApp is one of Block’s companies.
Warner Music Group, the music giant behind Cardi B, also ventured into crypto. Back in 2019, the music studio joined an $11.2 million investment into a project by Dapper Labs. Dapper Labs, best known for creating the NFT game CryptoKitties, launched a blockchain network Flow. To develop it, In addition to Warner, Dapper Labs also partnered with game studio Ubisoft and the NBA.