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Will bitcoin replace the U.S. dollar? Jack Dorsey says yes

The former Twitter CEO is a big supporter of bitcoin but not Web 3

Coins are displayed next to a Bitcoin ATM in Hong Kong.
In this Dec. 8, 2017, file photo, coins are displayed next to a Bitcoin ATM in Hong Kong.
Kin Cheung, Associated Press

On Tuesday, Jack Dorsey, former CEO of Twitter, said that bitcoin will replace the U.S. dollar, in response to a tweet by rapper Cardi B.

Cardi B asked: “Do you think crypto is going to replace the dollar?”

Dorsey’s tweet was met with criticism, praise and more questions. He is known to be a big supporter of bitcoin, stating on Twitter that the currency “will unite a deeply divided country. (and eventually: world).”

But Dorsey isn’t as enthusiastic about Web 3, the third generation of internet services that aims to be a centralized version of the virtual world, per CoinDesk.

“You don’t own ‘web3′ The VCs and their LPs do,” he tweeted, referring to venture capital firms and investors.

He goes on to say: “It will never escape their incentives. It's ultimately a centralized entity with a different label. Know what you’re getting into...”

Some agreed while others thought he was “dead wrong.”

Elon Musk also joined the conversation by tweeting: “Has anyone seen web3? I can’t find it.”

Per Coindesk, more venture capitalists are interested in Web 3 such as Andreessen Horowitz’s $36 million Series A funding round for Web 3 infrastructure company Myster Labs.

As the Deseret News reported, Dorsey left Twitter late last month, passing the torch to Parag Agrawal, who is now heavily involved in decentralized projects in the company.