The former Twitter CEO and co-founder of a financial technology firm, Block, Jack Dorsey, has shared a new compelling prediction about Bitcoin. Dorsey is of the view that Bitcoin could easily complement or replace the US dollar in approximately 15 years, as the aforementioned time frame will help the masses accommodate the new financial dynamics.
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Bitcoin vs. US Dollar
Bitcoin is undoubtedly one of the most robust cryptocurrencies out there. The token is dubbed the king of cryptocurrencies, and rightfully so, because of its massive market momentum and popularity.
Per Dorsey, Bitcoin will change the financial course of the world. Speaking at an exclusive gathering in Tuscany, Dorsey shared his vision for Bitcoin, adding that it possesses elements that can truly shape the new-age world. While attending a talk dubbed “tech and freedom,” Dorsey made a bold claim outlining how Bitcoin is poised to either complement or replace the US dollar.
Elaborating more on the timeline, Dorsey shared that it may take approximately 15 years for the replacement to truly traverse and unveil.
“It’s going to take some time. It’s not 10 years; it might be 15. Little by little, people see the value of this system and why it’s so powerful. It could potentially complement or replace the U.S. dollar, which rules everything.”
The talk was held at a castle in Tuscany, where Dorsey could be seen wearing a t-shirt that had Satoshi Nakomoto written on top of it.
Elaborating more on why Bitcoin is a suitable form of currency as compared to the US Dollar, Dorsey cited BTC’s free movement and control as reasons that may usher in this change.
“These are two entities that control the value of your money, and you don’t elect them,” Dorsey said of both government-issued currencies. “Whereas [with] Bitcoin, you have a lot more control and a lot more free agency.”
US Dollar’s Growing Foes
The US dollar is currently standing at a lethal threshold where its enemies are multiplying at a rapid rate. The BRICS alliance is now gaining robust economic ground, echoing thoughts of curating its currency to derail the US dollar.
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With the collapse of the Petrodollar agreement, the US dollar is now inching toward a sharp edge. The currency’s reputation as a global reserve currency also stands unprotected and insecure. This is primarily due to the multipolar narrative, which has largely gained momentum in the current economic landscape. At the same time, the speculatory bandwagon is also pushing Bitcoin in another direction. The speculative forces are now vying for BTC to be considered a viable option for oil payments. This development, if gained momentum, can help BTC establish and solidify its presence in the space.