Jack Dorsey, the former CEO and co-founder of Twitter, predicted that Bitcoin would eventually replace the US dollar in a tweet on December 21. The remark came in response to Grammy-winning artist Cardi B’s Twitter inquiry on whether cryptocurrency might eventually replace the dollar.
Twitter Founder Believes Bitcoin Would Someday Replace The US Dollar
The price of Bitcoin and Ether increased by 5.6% due to the tweet from Jack Dorsey. When the news was published, Bitcoin was worth $48,677.03, and Etherium was $4,021.04.
Since 2018, Dorsey, also the CEO of Square, a digital-payments startup that just changed its name to Block; has been a vocal supporter of Bitcoin.
This year, in August, Dorsey tweeted, “#Bitcoin will unite a deeply divided country (and eventually: world).“
In November, the former Twitter CEO stepped down and was replaced by Parag Agrawal, the company’s chief technological officer. The tech millionaire was critical in allowing Bitcoin tipping on Twitter during his time there, and he vowed to include NFT authentication. Agrawal, Twitter’s current CEO, is noted for his involvement in decentralized initiatives.
Dorsey stated in October that Block, which already has Bitcoin-focused initiatives; will consider developing a Bitcoin mining system based on custom silicon and open source for people and enterprises.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey tweets.
Meanwhile, Cardi B and Dorsey’s Twitter interaction elicited a flood of emotions on the social media network.
Twitter CEO Jack Dorsey Is Stepping Down, And CTO Parag Aggarwal Replaces Him
According to the firm, Jack Dorsey has opted to stand down as CEO of Twitter. The company’s board of directors has unanimously named the company’s CTO Parag Agrawal as the new CEO and member of the board.
The CEO shift takes effect immediately, but Dorsey will continue to serve on the board until his term expires in May 2022.
Dorsey was the CEO and co-founder of Twitter before becoming the sole co-founder, chairman, and CEO of Square. Agrawal has worked with the social networking firm for almost a decade, most recently as CTO.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” Dorsey said in a statement.
Dorsey also published an internal email about the announcement from his personal Twitter account; in addition to his remark in the press release.
In July, Jack Dorsey recognized Bitcoin as one of the three significant developments important to his firm and its shareholders. This year in March, it was alleged that hedge fund Elliott Management attempted to drive Dorsey out after amassing a significant stake in Twitter.
However, he retained his post after Twitter reached an agreement with the corporation and another investment firm, Silver Lake; to provide both firms a seat on Twitter’s board of directors and finance a $2 billion share repurchase program.