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Jack Dorsey: Bitcoin will replace USD

Jack Dorsey: Bitcoin will replace USD

Last updated 17th May 2022

Today, former CEO of Twitter Jack Dorsey said Bitcoin would replace the dollar. His comment came in response to a tweet by rapper Cardi B, who asked if crypto broadly would replace the U.S. official currency. Dorsey replied, “Yes, Bitcoin will.”

A staunch supporter of crypto

The cofounder and former CEO of Twitter is a staunch supporter of crypto. Recently, he and rapper Jay-Z announced on Twitter that they were giving away 500 BTC to a new endowment named ₿trust to fund Bitcoin development, initially focused on teams in Africa and India. They added it would be set up as a blind irrevocable trust, taking ‘zero direction’ from them.

His successor will follow in the same vein

Last month, Dorseystepped down as CEO of the social media giant to focus on fintech firm Square, which has been renamed to Block. The new CEO, Parag Agrawal, has been heavily involved in decentralized projects in the company. Here’s a bit more information about him.

Agrawal oversees Bluesky

Bluesky is Twitter’s project to create a decentralized social media protocol, which was launched back in 2019. However, awareness of it emerged only this year. In August, AgrawalappointedZcash developer Jay Garber to lead Bluesky, and GraberassuredAgrawal has been a “champion” of the team from the get-go.

Agrawal also helmed Twitter’s new crypto team. The social medium introducedtipping in cryptocurrencies and NFT verification in September.

He’s big on tech ethics

Back in 2018, Agrawal worked on the issue of whether Twitter’s image cropping algorithm was discriminatory. When he was CTO of the company, a responsible machine learning initiative was launched. In aninterviewwith MIT Technology review, he said:

The company’s approach is rooted in trying to avoid specific harm that misleading information can cause.

Led migration to the cloud

As Twitter ran all of its services and projects on its own servers, it suffered from poor performance and difficulty in introducing new features. Agrawal promoted the platform’s migration to cloud servers as CTO. Twittermigratedcold data storage and Hadoop clusters to Google Cloud during his tenure. In 2020, Amazon Web Servicesannouncedit would be hosting Twitter’s timeline feature.

Rose rapidly in the hierarchy

Agrawal was hired as an engineer in 2011 and became CTO 6 years later. His work on consumer engineering and revenue made him Twitter’s first distinguished engineer.

He may be at the helm of Twitter, but he doesn’t tweet much. That makes him quite different from Dorsey.

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Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.