Why Jack Dorsey Says Bitcoin Will Replace The Dollar, Ethereum Is No Good

Former Twitter Inc. TWTR CEO Jack Dorsey said he believes Bitcoin BTC/USD will replace the United States dollar and explained why he does not support Ethereum ETH/USD or other cryptocurrencies.

What Happened: Dorsey shared his views on the crypto space in a series of tweets sent this week. When rapper Cardi B asked him if crypto will replace the dollar, he said that "Bitcoin will."

This statement should not come as a surprise given that he has rarely been shy of expressing his stances on how Bitcoin should be held in higher regard than other cryptocurrencies — which resulted in him being often described as a Bitcoin maximalist.

Dorsey recently even said that if he was not working at Block Inc. SQ — the bitcoin-friendly financial services firm previously known as Square — or Twitter (where he recently resigned), he "would be working on Bitcoin." He added:

"If it needed more help than Square and Twitter, I’d leave them for Bitcoin.”

On Tuesday Dorsey said he prefers Bitcoin to Ethereum because it is "critical we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions. Only that foundation will provide for the applications you allude to."

This was an answer to Andreessen Horowitz partner Chris Dixon suggesting that he should work with Ethereum and other blockchains.

Dorsey is a believer in Bitcoin with its uncompromising approach to cybersecurity and decentralization and fair start with no pre-mine or discounted sales to venture capitalists. Ethereum with its initial coin offering and relatively centralized decision-making process is not good for Dorsey, who wants instead Bitcoin to realize its full democratization potential.