Digital currencies are the future, but no one knows whether these currencies will overtake fiat currencies. However, Jack Dorsey, the recent CEO of a famous social media handle, replied to Cardi B’s tweet that bitcoin would overtake the USD.
Jack Dorsey is famous as a bitcoin maximalist as his company has converted a considerable amount of balance sheet in bitcoin. Check authentic websites like what will be the future of cryptocurrency for more details about cryptocurrency trading. Here is everything one should know about the recent tweet of Jack Dorsey regarding bitcoin replacing the alternate gold standard USD.
Do you think cryptocurrency is going to replace the dollar? – Cardi B
Cardi B is a famous rapper and pop star who has won many Grammys in her professional career. Recently, Cardi B tweeted, “do you think cryptocurrency will replace the dollar”. Such a question in the US is ubiquitous as it is the most significant bitcoin hotspot. Cities like New York, Vancouver etc., have several bitcoin ATMs and merchants accepting BTC as a medium of exchange.
Jack Dorsey Replied!
When Cardi B tweeted about bitcoin being a solid contender as a fiat currency, Jack Dorsey, the previous CEO of Twitter, replied that Bitcoin will. But unfortunately, Jack Dorsey took twitter so far that he left the company when Parag Agrawal took his place.
Jack Dorsey is now the owner of Square Company. Square Company is the leading public holder of BTCs. Companies like Tesla and Microstrategy appear first on the leading public holders of bitcoin.
Is Jack Dorsey a Bitcoin Maximalist?
Jack Dorsey is famous as a bitcoin maximalist in the cryptocurrency marketplace. So, you might think what a bitcoin maximalist is. Bitcoin maximalists are people or entities for who bitcoin is the only robust project in this space. However, Jack Dorsey is not a bitcoin maximalist as his company Square is exceedingly focusing on other decentralized projects.
Undoubtedly, Jack has bought many bitcoin dips and supported bitcoin publicly, but that does not mean he is a bitcoin maximalist. Besides promoting bitcoin as a monetary system, Jack also promoted the blockchain models. The former CEO of Twitter is also about to launch its decentralized cryptocurrency exchange.
Will bitcoin make a better monetary system?
Undeniably groundwork of bitcoin was executed in such a way so that it could become an excellent monetary system. But with bitcoin being decentralized, it became volatile. Undoubtedly, this virtual coin has attributes resembling the conventional monetary system, but the conventional banking system is very stable as bitcoin.
The market value of the largest cryptocurrency is constantly slumping and might break the support price as per reports. Bitcoin is equipped with all characters that a currency should have, but its use as a store of value and investment asset is much more appropriate for the economy’s stability.
El Salvador only adopted this currency for remittance. The country used to pay billions of dollars as a tax and fees of remittance per annum. After the arrival of bitcoin, El Salvador has saved a hell of money as transaction fees of remittance.
Can a cryptocurrency replace the existing monetary system?
Replacing the existing monetary system is challenging as many people still classify cryptocurrencies as a Ponzi scheme. Undeniably national banks sometimes fail to control the inflation rate and misbalance in the economy, but people still rely on them. But some digital currencies have the potential to do so. You might have heard about Stable coins; these coins are developed as a new flanged model of cryptocurrencies with much more stability.
Stablecoin resembles completely with fiat currencies. This is because stable coins are decentralized, just like other digital currencies. But factors that can influence the market value of a standard cryptocurrency cannot exert an impact on stable coins. Usually, the developer of stable coins links one digital token’s value with either a fiat currency or a precious metal.
For example, Binance USD’s value is pegged with the United States Dollar, which means the value of one BUSD is equal to the value of one USD. These stable coins are being used as a payment method to an exceeding extent. Usually, investors and traders who buy any cryptocurrency buy these Stablecoin first. Transaction fees of buying Stablecoin is ultimately significantly less.