Square CEO Jack Dorsey believes Bitcoin will eventually eclipse the US dollar and explains the reason he opposes Ethereum and other cryptocurrencies.
What happened: In a series of tweets this week, Dorsey expressed his thoughts on the crypto market. “Bitcoin will replace the dollar,” he remarked in response to rapper Cardi B’s question.
This statement should come as no surprise, given that he has never been shy about stating his views on why Bitcoin should be valued higher than other cryptocurrencies, earning him the moniker “Bitcoin Maximalist.”
Dorsey recently stated that if he weren’t working at Block Inc. SQ, a bitcoin-friendly financial services startup formerly known as Square, or Twitter (where he recently departed), he “would be working on Bitcoin.”
Dorsey stated on Tuesday that he favors Bitcoin to Ethereum because it is more secure “It is vital that we concentrate our efforts on truly secure and resilient technologies that are owned by the general public rather than by individuals or institutions. Only that foundation can support the applications you mention.”
This was in response to Chris Dixon of Andreessen Horowitz urging that he work with Ethereum and other blockchains.
Dorsey believes in Bitcoin because of its unwavering commitment to cybersecurity and decentralization, as well as the fact that it has a fair start with no pre-mine or subsidized sales to venture capitalists. Ethereum’s initial coin offering and controlled decision-making process are not appealing to Dorsey, who wants Bitcoin to achieve its full democratic potential.