Tech
‘Replace the US Dollar’: Legendary Tech Billionaire Releases Shocking Bitcoin Prediction Amid Ethereum, XRP, Crypto Price Swings
Bitcoin
Bitcoin
and cryptocurrency prices, including major coins ethereum and XRP
Exchange rate risk
—have increased from 2022 lows (although a billionaire bitcoin buyer has suddenly changed his mind about bitcoin).
The price of bitcoin has fallen in recent weeks, falling from a new all-time high of over $70,000 per bitcoin and weighing on the broader ethereum, XRP and cryptocurrency market in between Wild speculation that a major tech company could follow MicroStrategy into the bitcoin world.
Now, as a “groundbreaking” US bitcoin bill is introduced in CongressBillionaire Twitter founder and CEO of Bitcoin-focused payments firm Block, Jack Dorsey, has said he believes Bitcoin could eventually replace the U.S. dollar.
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Jack Dorsey has become one of bitcoin’s biggest proponents in recent years, despite the price of bitcoin having risen significantly… [+] boom that has caused Ethereum, XRP and the cryptocurrency market in general to soar.
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“It will take time, but little by little people will see the value of this system and why it is so powerful and why it could potentially be a complement or a replacement for the U.S. dollar that governs everything and that is currently being challenged by the Chinese yuan,” Dorsey said. during an event in Italy.
“[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] Bitcoin gives you much more control and much more freedom to act.”
Dorsey’s prediction that bitcoin could eventually replace the dollar comes after the International Monetary Fund (IMF) warned of a “clear” decline in the U.S. dollar’s share of the allocated foreign reserves of central banks and governments. Meanwhile, the Federal Reserve Bank of New York wrote a relationship outlining narratives surrounding “the declining share of dollars in official reserves and the growing role of central banks’ gold reserves.”
Former billionaire and All In podcast “best friend” Chamath Palihapitiya has predicted that bitcoin could “completely replace gold” as countries adopt it—potentially pushing its market cap toward gold’s $15.7 trillion.
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The price of bitcoin has skyrocketed over the past year, pushing up the price of ethereum, XRP… [+] price and the broader cryptocurrency market.
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Dorsey recently said that he expects the price of bitcoin to skyrocket to $1 million by 2030—which would give bitcoin a market cap of $20 trillion—thanks in part to Block’s work on bitcoin.
Dorsey’s outsized bitcoin price prediction echoes similar bitcoin price bets from Ark Chief Executive Cathie Wood, who said in January that bitcoin could hit $1.5 million by 2030, and Balaji Srinivasan, a former CTO at cryptocurrency exchange Coinbase and a former partner at venture capital firm Andreessen Horowitz, who made headlines last year with a bet that bitcoin’s price would hit $1 million.
Earlier this year, Dorsey revealed that his bitcoin payments company, Block, will invest 10% of the gross profit it makes from its bitcoin products into buying bitcoin each month.