Will Bitcoin Replace the United States Dollar?

When tweeting with rapper Cardi B earlier today, Chief Executive Officer of Block, Jack Dorsey, was asked if he believed that cryptocurrency would ever take the place of the United States dollar.  In response, he said, “Yes, bitcoin will.”

 Said one Twitter user yesterday, LeBron Curry, in agreement with Dorsey, “Cryptocurrency is going to replace the entire monetary system in general.  Instead of relying on banks to be the ledger, we (as in, all of us) will be the ledger, with no central bank included.  We are, however, quite a long way away from making the actual switch.” 

 Made over ten years ago as a response to the 2008 worldwide financial crisis, bitcoin has been used as a form of “digital gold.”  Some investors, countries, and companies have utilized bitcoin as a source of profit in the face of economical difficulties, such as during times of inflation.

 About a year ago, well-known investor Paul Tudor Jones stated that bitcoin was “the fastest horse to beat” inflation that he perceived was getting ready to occur, mainly because of the COVID-19 pandemic.  

 Although Dorsey has made the claim that bitcoin will replace the United States dollar, and that many bitcoin enthusiasts agree with his point of view, there are still a wide variety of responses and opinions regarding this topic.  Even some of those who choose to support cryptocurrency do not think that the role of the bitcoin is to take the place of the United States dollar.

In spite of the fact that bitcoin can be viewed as a form of digital gold, it still has a very slow blockchain, which indicates that it is not ready to become a working form of everyday currency.  It is still, however, a form of digital currency that can be effectively used. 

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