Twitter Co-Founder Jack Dorsey Predicts Bitcoin Will Replace the US Dollar by 2040

Bitcoin has been called many things by some of the cryptocurrency industry's most prominent advocates: new money, the future of money, and more.

Some of the cryptocurrency industry's biggest proponents have referred to Bitcoin as "new money," "the future of money," and other grandiose titles. The world's largest digital asset by market value, according to Twitter co-founder Jack Dorsey, may replace the U.S. dollar by 2040.

Dorsey, the former CEO of Twitter (now X), acknowledged during an event in Italy called "Tech and Freedom" hosted by music producer Rick Rubin that it will take some time for $BTC to reach a point where it can directly compete with the U.S. dollar. However, he thinks the digital coin is capable of doing so.

Dorsey, who was sporting a Satoshi Nakamoto shirt, began by discussing the origins of Bitcoin and the events unfolding behind the scenes, including how the digital currency is mined and how the BTC blockchain is being managed to make the coin "resilient" and "usable" by customers seeking freedom from what he claims is the constant "permission" required in the financial realm.

When asked if he had any idea about when $BTC prices will reach a "normal" stage, the tech magnate responded that "anyone who says he knows the answer is lying." He then urged the attendee to examine the digital coin's pricing trend over the years and decide for themselves how long they wanted to keep the asset. He said that he believes Bitcoin will only increase in value due to its scarcity and that it won't necessarily "normalize."

Speaking on the potential of $BTC to rival the U.S. dollar, Dorsey said "it's going to take some time – it's not 10 years, it might be 15 – 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."

Finally, Dorsey said that Bitcoin is the only cryptocurrency he believes doesn't have the numerous problems that other digital assets do, such as the possibility of being called in by regulators or police for potential activity involving fraud or scams.

Block, Dorsey's fintech business, announced early in May that it will adopt a $BTC strategy following the company's strong Q1 2024 earnings result. According to Dorsey, Block will begin devoting 10% of its gross profit from $BTC products to Bitcoin purchases because the company thinks the digital currency is "an investment in a future where economic empowerment is the norm."