Jack Dorsey Predicts Bitcoin Could Replace US Dollar

Krutika Adani

Decline of the US Dollar

As the US dollar remains highly inflationary, Jack Dorsey has predicted it will lose its position as a global currency to Bitcoin.

The Bitcoin Standard

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.

Factors Supporting Bitcoin

Bitcoin’s permissionless architecture, censorship resistance, limited supply, decentralisation and wide adoption help it fulfil all the criteria required for a global currency.

10 Years Outlook

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.

Bitcoin-Backed Dollar

In a past speech, US Presidential candidate Robert F. Kennedy Jr. touted the concept of backing the US Dollar with Bitcoin.

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