Do you think crypto is going to replace the dollar? Jack: Yes, Bitcoin will

[mynonce]

Twitter 21/Dec/2021 https://twitter.com/jack/status/1473089482576564225


Cardi B@iamcardib

Do you think crypto is going to replace the dollar?

jack@jack

Yes, Bitcoin will

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[Charles-Tim]

I did not pay much attention into that tweets but just know that fiat are centralized and controlled by governments and the governments are not ready to lose, dollar is one of the existing fiat and the strongest of all. Bitcoin is decentralized and totally different from fiat. This type of comparison usually piss me off because both should not be compared as they are not the same. Bitcoin was not created to replace dollar or any other fiat, it is just an alternative.

[jackg]

It won't anyway, both are quite different and there'll likely still be a need for the dollar (and other currencies, even if they're just pegged to an asset).

Even if crypto does become valuable enough to replace state issued currencies, they'll likely offer solutions for people to still carry around paper money or use debit card systems from their own issued currency - it might just end up being backed by crypto but I wouldn't consider that a replacement.

[mynonce]

It won't anyway ...
it might just end up being backed by crypto

= replaced

Store of value is important.

[Fortify]

Twitter 21/Dec/2021 https://twitter.com/jack/status/1473089482576564225


Cardi B@iamcardib

Do you think crypto is going to replace the dollar?

jack@jack

Yes, Bitcoin will

Anyone who thinks this is possible has a poor grasp of the scale of the US economy and how Bitcoin is simply incapable of handling the volume of US dollar based transactions that take place each day. Repeating the message without any further substance to add kind of makes you look like a fool as well. The US dollar may very well be replaced in future by some other currency, but in the foreseeable future it would only be another fiat currency that a government could control, and that is probably a century away anyway. The US government gets a huge benefit from being the reserve currency of the world, so if this laughable suggestion ever did seem like it would become reality then banning Bitcoin in the worlds most diverse economy would likely make it near worthless anyway.

[Charles-Tim]

Store of value is important.

Bitcoin was not the first appreciative asset, it will not also be the last, but it has been the most successful in the last decade and designed with limited supply which can make its appreciation more possible. But let me iterate this again, bitcoin is not the first appreciative asset and yet fiat was and is successful.

[DooMAD]

If he's referring collectively to everyone, then I can't tell if he's being ridiculously optimistic or ridiculously hyperbolic.  Then again, I also notice he neglected to specify a timeframe.  

If the last few years have been anything to go by, humanity is still generally far too stupid to cope with that kind of paradigm shift.  The world is a remarkably dumb place, to the point where words can barely do it justice to describe the extent.  I lack sufficient faith in people to believe they could move on, in unison, from their typically blinkered mindset any time soon.  I'm more than a little skeptical that our species is going to achieve that kind of enlightenment within our lifetime.  Even if the Dollar manages to destroy itself, people will still be falling over themselves to repeat the same mistakes all over again.

I suspect, sadly, for many years to come, Bitcoin will only replace the Dollar for a small fraction of people.  If you're reading this, you're probably one of those select few.

[mynonce]

... and yet fiat was and is successful.

... and yet combustion cars were and are successful.

[titular]

We still have to take what Jack says with a grain of salt.

We don't need another Elon Musk situation where people are idolizing him because he is saying what everyone wants to hear.

The honest truth is governments will fight to ensure their CBDC has a key role in their respective economy. We will see many more countries like India that aim to ban bitcoin as a medium of exchange. It will be okay to hold it as an asset, but many countries will push back on it being used for everyday purchases.

[bL4nkcode]

Na, that's sound like a dream, people know the capabilities of bitcoin in terms of being a store of value but to replace the dollar sounds like, I don't know, maybe, but it wont happen in just few decades.

[passwordnow]

Jack is a known bitcoin bull but I think he's aware of what he's saying. That, dollar won't be replaced and bitcoin would co-exist with any other fiat currencies of each country.
Although it sounds favorable and good for us since we're part of the bitcoin community. But we have to understand what's the reality is and if he believes that it will, that's his opinion.

[dataispower]

Bitcoin and fiat is different currency and bitcoin is not created to abolish fiat currency, a dollar is popular fiat currency which every one is aware comparing dollar and bitcoin is the same thing comparing bitcoin with other countries currency that is not popular like dollar fiat currency, bitcoin can be crash and be abandoned the way other countries refused to accept it values but fiat currency can not be abandoned, so the similarities between both are free far

[sheenshane]

It's impossible.

Bitcoin is decentralized and fiat is centralized and controlled by the banks under-regulated by the government and the government is always concerned about how they will regulate when it comes to monetary matters.  Instead, dollars have been used of Bitcoin to store a value that becomes has an expensive value when it comes to bull season.  

I don't even know that guy and I think he was trying to get attention the same like Elon Musk did since he was idolizing him.

[jackg]

It won't anyway ...
it might just end up being backed by crypto

= replaced

Store of value is important.

Many currencies have been backed by gold? What happened to those...

It'll probably be the same that happens if anything does get backed by crypto - it'll either drop it or start inflating its value... Governments already don't publish information on how much currency they produce, they'd probably do the same regardless of what it was backed by.

[DaveF]

Replace the dollar? Probably not.
Become ubiquitous for payments and commerce? Probably.
Become a much more known thing and traded everywhere? Almost certainly.
The biggest issue with it replacing any major currency is the fact that some countries, for good or bad do need / want to have some form of control over money.

Think of the 2008 financial implosion. Without the ability to bail out some financial institutions it would have been much much worse.

-Dave

[Rengga Jati]

This has been several times that some people say about Bitcoin that will replace dollars or fiat, or crypto that will replace banks soon.
Well, actually it may be possible, but I am not sure this will be easy and will be done during these 20 years or more.
And maybe, this will not happen.
We know that dollar, other fiat, and banks are centralized, controlled and managed by not only government in each country, but more than it, by a big power behind the world bank.
And , I ma not sure that even this is a digital era, they will let Bitcoin replace fiat. We all know that today, they also crypto develop their services to fit to this digital era, more technology advanced development.

What I think is that Bitcoin will be probably used as one of the global currency, accepted by many more countries and merchants as a currency, less ban and others. But this will not replace.

[decodx]

Jack Dorsey is one of the biggest investors in the cryptocurrency who reportedly spends tens of thousands of dollars a week to buy Bitcoin. It is only logical for him to say something like that since he is a Bitcoin maximalist. He had been doing that for a very long time. The idea that Bitcoin is going to replace the dollar is highly speculative. At best, Bitcoin may become widely accepted method of payment, but there are still obstacles that need to be solved. It is quite unlikely for Bitcoin to gain wide acceptance as a national currency in the US.

[avikz]

It's great to see that a big guy from tech world is superbly bullish on bitcoin. His tweet shows his confidence on bitcoin which matters the most.

Personally I don't think bitcoin will ever be able to replace dollar. The world government will never move to a decentralized monetary system that is not controlled by anyone. So the dollar monopoly will continue to dominate the world trade. Unless we can't replace the usage of dollar in the world trade, there's no way we can replace the dollar itself with anything else.

[hd49728]

Bitcoin will be used more on Earth but it won't replace US. dollar or any fiat in any nation. It is over exaggeration only in my opinion. This statement can make newbies feel very excited about future of Bitcoin, makes them fomo but it does not decide what will happen with Bitcoin adoption in future.

Bitcoin, fiat and altcoins will have co-existence in our finance ecosystem. I expect to see more weight of Bitcoin in future transactions but I don't believe it will kill US. dollar.

[ReiMomo]

Bitcoin will be used more on Earth but it won't replace US. dollar or any fiat in any nation. It is over exaggeration only in my opinion. This statement can make newbies feel very excited about future of Bitcoin, makes them fomo but it does not decide what will happen with Bitcoin adoption in future.

Bitcoin, fiat and altcoins will have co-existence in our finance ecosystem. I expect to see more weight of Bitcoin in future transactions but I don't believe it will kill US. dollar.

I too don't think Bitcoin or any other crypto currency in future, will take over or replace any country's fiats. Bitcoin/crypto currencies are now normally welcomed as assets so that they are bought and held for long term to gain huge profits. And as crypto currencies values are based on market fluctuations, it can NOT be considered as normal currency to be used in public as like fiats. Yes I love Bitcoin to be seen all over the world but with its uniqueness and let it not be compared to any other stuffs.