Bitcoin
‘Replace the US Dollar’ — Legendary Tech Billionaire Issues Shocking Bitcoin Prediction Amid Ethereum, XRP, and Cryptocurrency Price Swings
Bitcoin
Bitcoin
and cryptocurrency prices — including major coins Ethereum and XRP
XRP
—have increased since the 2022 lows (although a billionaire bitcoin buyer suddenly changed his mind about bitcoin).
Bitcoin’s price has fallen in recent weeks, pulling back from a new all-time high of more than $70,000 per bitcoin and weighing on the broader ethereum, XRP and cryptocurrency market amid wild speculation that a major tech company could be about to follow MicroStrategy into bitcoin.
Now, How a “groundbreaking” US bitcoin bill was introduced to CongressBillionaire Twitter founder and CEO of bitcoin-focused payments company Block, Jack Dorsey, said he believes bitcoin could eventually replace the US dollar.
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Jack Dorsey has become one of bitcoin’s most vocal supporters in recent years amid a surge in bitcoin’s price… [+] boom that boosted Ethereum, XRP and the cryptocurrency market in general.
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“It’s going to take some time, but gradually people will see the value of this system and why it’s so powerful and why it could potentially be a complement or a replacement for the U.S. dollar, which rules everything and is currently being challenged by the Chinese yuan,” Dorsey said. during an event in Italy.
“[The U.S. dollar and China’s yuan] are two entities that control the value of your money and you do not elect them, while [with] bitcoin, you have a lot more control and a lot more freedom of action around it.”
Dorsey’s prediction that bitcoin could eventually replace the dollar came after the International Monetary Fund (IMF) warned of a “stunning” decline in the U.S. dollar’s share of central banks’ and governments’ allocated foreign reserves. Meanwhile, the Federal Reserve Bank of New York wrote a report describing the narratives surrounding the “declining share of the dollar in official reserves and the increasing role of gold reserves by central banks.”
Former billionaire and “best friend” of the All In podcast Chamath Palihapitiya predicted that bitcoin could “completely replace gold” as countries adopt it—potentially bringing its market cap to $15.7 trillion in gold.
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The price of Bitcoin has soared over the past year, boosting the price of Ethereum, XRP… [+] price and the cryptocurrency market in general.
Forbes Digital Assets
Dorsey recently said he expects the price of bitcoin to rise to $1 million by 2030.which would give bitcoin a market cap of $20 trillion—partly driven by Block’s work with bitcoin.
Dorsey’s big prediction about the price of bitcoin echoes similar bets made by Ark Chief Executive Cathie Wood — who in January said bitcoin could hit $1.5 million by 2030 — and Balaji Srinivasan, the former chief technology officer at cryptocurrency exchange Coinbase and a former partner at venture capital firm Andreessen Horowitz, who made headlines last year with a bet that the price of bitcoin would hit $1 million.
Earlier this year, Dorsey revealed that his payments-focused bitcoin company, Block, will invest 10% of the gross profits made from its bitcoin products into buying bitcoin each month.