Cardi B Wants To Know If Crypto Will Replace The Dollar And, Of Course, Invites Answer From Jack Dorsey

Twitter Inc. TWTR co-founder Jack Dorsey has waded into the debate on whether cryptocurrencies such as Bitcoin BTC/USD will replace the dollar.

What Happened: American rapper Cardi B asked her followers on Twitter if they think that cryptocurrencies will replace the dollar.

Within minutes, Dorsey responded to the tweet by replying, “Yes, Bitcoin will.”

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Dorsey’s comment comes as Bitcoin and other cryptocurrencies have gained increasing mainstream adoption over the past few years. There is growing interest in cryptocurrencies from retail investors, celebrities and institutions.

The market capitalization of the entire cryptocurrency space is currently $2.25 trillion, up from $230 billion just three years ago.

Dorsey is widely known to be a so-called “Bitcoin maximalist,” meaning that he believes Bitcoin has all — or nearly all — the value that can be found among all the digital assets and would dominate the space.

Dorsey-led fintech company Square Inc. changed its name to Block Inc. SQ earlier this month, in a nod to the blockchain among others. The company’s cryptocurrency unit changed its name to Spiral.

Dorsey is also setting up a $28.3 million endowment trust with the rapper Jay-Z. The trust’s three board members are mandated to “make Bitcoin the Internet’s currency.”

Dorsey has refused to consider buying into Ethereum ETH/USD and other altcoins on several occasions.

The Twitter co-founder pulled a Tesla Inc. TSLA CEO Elon Musk-style move in August when he engaged in a war of words with supporters of Ethereum.

Price Action: Bitcoin is up 3.9% during the past 24 hours, trading at $48,553.80 at press time.

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Photo: Courtesy of Frank Schwichtenberg via Wikimedia