Jack Dorsey, co-founder of Twitter and Block, has shared his bold vision for Bitcoin's future. At a recent gathering in Tuscany, Italy, Dorsey outlined his belief in the cryptocurrency's potential to reshape global finance. He thinks Bitcoin is supposed to defeat the king of all the human money, the American dollar himself.
Dorsey anticipates a significant shift in Bitcoin's role, first of all because of the change of the usage pattern. He expects it to evolve from a store of value to a widely used currency in the West.
"It's going to take some time," Dorsey stated. "It's not 10 years, it might be 15. Little by little, people see the value of this system [and] why it's so powerful."
The tech entrepreneur sees Bitcoin potentially dethroning the US dollar. He believes it could become the world's primary payment method.
"It could potentially... complement or replace the U.S. dollar, which rules everything," Dorsey said. He sported a Satoshi Nakamoto t-shirt and gold chain during the talk.
Dorsey emphasized the need to reduce dependence on government-issued currencies. He specifically mentioned the US dollar and Chinese yuan.
"These are two entities that control the value of your money, and you don't elect them," Dorsey explained. "Whereas [with] Bitcoin, you have a lot more control and a lot more free agency."
This isn't Dorsey's first bullish statement on Bitcoin. We all remember what Dorsey said back in May when BTC was struggling to hold to it's all time high, Dorsey predicted its price would hit $1 million by 2030.
Dorsey's company, Block, is putting its money where its mouth is. They're reinvesting 10% of gross profits from Bitcoin-related products into the cryptocurrency. Dorsey keep buying Bitcoin at all times, at all prices, regardless of where the winds blow.
However, it's not all smooth sailing. Block is reportedly under investigation by US prosecutors for alleged crypto-related compliance issues.