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.

AccessTimeIconDec 21, 2021 at 8:18 a.m. UTC
Updated Dec 22, 2021 at 8:14 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Tanzeel Akhtar is a reporter based in London,UK.

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.”
  • The co-founder and former CEO of Twitter is a big supporter of crypto, and has expressed his support for bitcoin since at least 2018. In August, he tweeted that bitcoin “will unite a deeply divided country (and eventually: world).”
  • 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.”
  • Dorsey left the social media giant last month to focus on fintech firm Block, formerly known as Square. During his tenure as CEO, Twitter enabled bitcoin tipping and promised it will integrate NFT authentication.
  • 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.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

Trending

1
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown
3
CoinDesk - Unknown
Consensus 2022: Hollywood, Colleges, Conferences vs. Crypto

The state of crypto and economics live from Consensus 2022 in Austin, Texas.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitcoin se estabiliza cerca de $21K; inversores esperan evitar otra caída el fin de semana

Los analistas se cuestionan si BTC podrá mantenerse por encima del umbral de $20.000 en un clima de desconfianza entre los inversores.

CoinDesk - Unknown