Ethereum
“Replace the US Dollar” – Legendary Tech Billionaire’s Predictions Shock Bitcoin Forecasts Amid Ethereum, XRP, Cryptocurrency Price Fluctuations
Bitcoin
Bitcoin
and cryptocurrency prices, including major cryptocurrencies Ethereum and XRP
XRP
—have increased since their 2022 lows (although a billionaire bitcoin buyer suddenly turned to bitcoin).
The price of bitcoin has plummeted in recent weeks, falling from a new all-time high of over $70,000 per bitcoin and weighing on the broader ethereum, XRP and cryptocurrency market. wild speculation that a huge tech company could be about to follow MicroStrategy into bitcoin.
NOW, ‘Groundbreaking’ US Bitcoin Bill Introduced in CongressBillionaire Twitter founder and CEO of bitcoin-focused payments company Block, Jack Dorsey, has said he believes bitcoin could eventually replace the U.S. dollar.
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Jack Dorsey has become one of bitcoin’s biggest proponents in recent years amid a huge surge in bitcoin’s price… [+] a boom that sent Ethereum, XRP and the broader cryptocurrency market soaring.
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“It’s going to take time, but gradually people are seeing the value of this system and why it’s so powerful and why it could potentially complement or replace the U.S. dollar that governs everything and is currently being challenged by the Chinese yuan,” Dorsey said. during an event in Italy.
“[The U.S. dollar and China’s yuan] are two entities that control the value of your money and you don’t elect them while [with] “With Bitcoin, you have a lot more control and you have a lot more freedom of action around it.”
Dorsey’s prediction that bitcoin could eventually replace the dollar comes after the International Monetary Fund (IMF) warned of a “striking” decline in the U.S. dollar’s share of foreign exchange reserves allocated by central banks and governments. Meanwhile, the Federal Reserve Bank of New York wrote a report describing the narratives around “the declining share of the dollar in official reserves and the growing role of central bank gold holdings.”
Former billionaire and All In podcast “best friend” Chamath Palihapitiya has predicted that bitcoin could “completely replace gold” as countries adopt it.potentially pushing its market capitalization toward gold’s $15.7 trillion.
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The price of bitcoin has risen over the past year, pushing up the price of ethereum, XRP… [+] prices and the broader cryptocurrency market.
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Dorsey recently said he expects the price of bitcoin to reach $1 million by 2030.which would give bitcoin a market capitalization of $20 trillion—partly motivated by Block’s work on Bitcoin.
Dorsey’s outrageous bitcoin price prediction echoes similar bets on the bitcoin price from Ark CEO Cathie Wood — who said in January that bitcoin could hit $1.5 million by 2030 — and Balaji Srinivasan, the former CTO of cryptocurrency exchange Coinbase and a former partner at venture capital firm Andreessen Horowitz, who made headlines last year by betting that bitcoin would hit $1 million.
Earlier this year, Dorsey revealed that his payments-focused Bitcoin company, Block, would dedicate 10% of its gross profit from its Bitcoin products to purchasing Bitcoin each month.