Jack Dorsey Backs Bitcoin as Dollar’s Replacement but Questions Web 3
The Twitter and Block co-founder is a supporter of crypto, but not so keen on how Web 3 is being funded.
Bitcoin (BTC) will replace the U.S. dollar Jack Dorsey said on Tuesday, in response to a tweet by rapper Cardi B.
- Cardi B broadly asked if crypto would replace the U.S. currency, to which Dorsey replied “Yes, Bitcoin will.”
- His enthusiasm wanes, however, when it comes to the way Web 3, the third generation of internet services that has been made possible by decentralized networks, is funded.
- “You don’t own ‘web3′ The VCs and their LPs do,” Dorsey tweeted, referring to venture capital firms and investors known as limited partners.
- The tweet spurred the crypto community on Twitter to react, with some criticizing the former Twitter CEO and others applauding him.
- There has been a growing number of VCs investing in Web 3 firms. Most recently Andreessen Horowitz led a $36 million Series A funding round for Web 3 infrastructure company Mysten Labs.
- Tesla CEO Elon Musk also weighed in, tweeting: “Has anyone seen web3? I can’t find it.”
- Bitcoin was trading about $48,900 at press time.
- Parag Agrawal, the new CEO of Twitter, has been heavily involved in decentralized projects in the company.
UPDATE (Dec. 21, 08:53 UTC): Adds additional details in third and fourth bullet. Adds bitcoin price in fifth bullet.
UPDATE (Dec. 21, 14:39 UTC): Adds comments on Web 3 starting in third bullet; updates bitcoin price.
UPDATE (Dec. 21, 15:06 UTC): Adds Web 3 to headline.
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