Jack Dorsey, the billionaire Twitter founder and chief executive of Bitcoin-focused payments company Block, has issued an epic Bitcoin prediction. Dorsey said he believes Bitcoin (BTC) could eventually replace the U.S. dollar.
While the dollar is currently the most favored currency in international transactions, he says Bitcoin will, in a couple of years, ascend to global supremacy.
Bitcoin To Dethrone USD
Speaking at an exclusive event titled “Tech and Freedom” in Tuscany, Italy last week, Dorsey expressed confidence about Bitcoin evolving in the West from a store of value to a foremost, permissionless currency that holders would be comfortable to use on a daily basis.
“It’s not 10 years, it might be 15,” Dorsey opined. “It’s going to take some time but little by little people see the value of his system and why it’s so powerful and why it could potentially complement or replace the U.S. dollar which rules everything and is currently being challenged by the Chinese yuan.”
Dorsey noted that when Bitcoin becomes a preferred means of conducting transactions worldwide, the world’s largest and oldest cryptocurrency could unseat the dollar as the currency of choice for international payments.
The tech billionaire further stressed the importance, in his opinion, of diverting the global economy away from its current reliance on both the U.S. dollar and the yuan.
“[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 bullish Bitcoin forecast comes as the International Monetary Fund cautions of a significant decline in the USD’s share in foreign exchange reserves maintained by central banks worldwide.
Dorsey has long been one of Bitcoin’s most outspoken supporters. He wears Satoshi shirts, donates to Bitcoin Core developers, and publicly praises the cryptocurrency’s virtues. In May, he predicted that the preeminent cryptocurrency would hit $1 million in 2030.