Bitcoin
The bitcoin price has fallen back in recent weeks, dropping back from a new all-time high over $70,000 per bitcoin and weighing on the wider ethereum, XRP and crypto market amid wild speculation a huge tech company could be about to follow MicroStrategy into bitcoin.
Now, as a "groundbreaking" U.S. bitcoin bill has been introduced to Congress, the billionaire Twitter founder and chief executive of bitcoin-focused payments company Block, Jack Dorsey, has said he believes bitcoin could eventually replace the U.S. dollar.
Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run
Jack Dorsey has become one of bitcoin's biggest supporters in recent years amid a huge bitcoin price ... [+]
"It's going to take some time but little by little people see the value of this system and why it's so powerful and why it could potentially be a complement or replace the U.S. dollar which rules everything and is currently being challenged by the Chinese yuan," Dorsey said during an event in Italy.
"[The U.S. dollar and China's yuan] are two entities that control the value of your money and you don't elect them whereas [with] bitcoin you have a lot more control and you have a lot more free agency around it."
Dorsey's prediction that bitcoin could eventually replace the dollar comes after the International Monetary Fund (IMF) warned of a "striking" decline in the U.S. dollar's share of allocated foreign reserves of central banks and governments. Meanwhile, the Federal Reserve Bank of New York wrote a report outlining the narratives around "declining dollar shares in official reserves, and increasing roles for gold holdings by central banks."
Former billionaire and All In podcast "bestie" Chamath Palihapitiya predicted bitcoin could "completely replace gold" as countries adopt it—potentially pushing it's market capitalization toward gold's $15.7 trillion.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has surged higher over the last year, pushing up the ethereum, price, the XRP ... [+]
Dorsey has recently said he expects the bitcoin price to rocket to $1 million by 2030—which would give bitcoin a market capitalization of $20 trillion—partly driven by Block's bitcoin work.
Dorsey's huge bitcoin price prediction echos similar bitcoin price bets by Ark chief executive Cathie Wood—who in January said bitcoin could hit $1.5 million by 2030—and Balaji Srinivasan, the former chief technology officer at crypto exchange Coinbase and former partner at venture capital company Andreessen Horowitz, who last year made headlines with a bet the bitcoin price would hit $1 million.
Earlier this year, Dorsey revealed his payments-focused bitcoin company Block will put 10% of its gross profit made off its bitcoin products into buying bitcoin every month.
