Krutika Adani
As the US dollar remains highly inflationary, Jack Dorsey has predicted it will lose its position as a global currency to Bitcoin.
Bitcoin has a limited supply and, therefore, becomes deflationary with each lost coin. Hence, Dorsey sees Bitcoin replacing the US dollar in the next decade.
Bitcoin’s permissionless architecture, censorship resistance, limited supply, decentralisation and wide adoption help it fulfil all the criteria required for a global currency.
According to Dorsey, Bitcoin could fetch a price of $1 million by 2030. Several other experts, including Ark Invest CEO Cathie Wood, support a million-dollar plus tag for Bitcoin by the end of this decade.
In a past speech, US Presidential candidate Robert F. Kennedy Jr. touted the concept of backing the US Dollar with Bitcoin.