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Bitcoin soared brusquely following Dorsey's tweet, reversing a downward trend over the prior few days that added 5% to the bitcoin price in the last 24 hours, increasing the ethereum price and the overall crypto market.
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The bitcoin price has dropped in recent weeks, shedding more than 30% of its worth in just a month after surging at the peak of the last year. The current bitcoin price drop has had a significant impact on the ethereum price, which has dropped by almost 20%.
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Cryptocurrency Price Forecast:
Bitcoin could crash in 2022, according to the CEO of an exchange, amid massive sell-offs in Ethereum, BNB, Solana, Cardano, and XRP.
Billy Bambrough contributed to this article.
In the midst of a massive bitcoin price boom that has... [+] propelled cryptocurrencies into the stratosphere, Jack Dorsey spoke at a bitcoin conference earlier this year.
courtesy of Getty Images
"Get sticking together if you think crypto is going to replace the dollar?" tweeted Twitter CEO Jack Dorsey in response to rapper Cardi B, who asked, "Get sticking together if you think crypto is going to replace the dollar?"
"Yes, bitcoin will," he said.
Dorsey quit Twitter earlier this month to start a new chapter at his payments firm, Block, which now encompasses Square and Cash App.
Dorsey has been a proponent of bitcoin for years, frequently discussing its prospects in interviews and launching bitcoin-based services at both Twitter and Square. Dorsey promoted Parag Agrawal to Twitter's subsidiary chief commissioner, bringing the company's chief technology commissioner to the fore, who has been significantly involved in the company's decentralized technology projects.
"I'd be operating almost bitcoin if I weren't at Square or Twitter," Dorsey said in June at a Miami bitcoin conference. "Both firms have a role to feint," he remarked at the time.
"Bitcoin will combine a highly at odds country," Dorsey tweeted in August, and "eventually [the] world."
Following his bitcoin prediction, Dorsey joined Tesla CEO Elon Musk in mocking the concept of a crypto-based web3, which would be a successor to the Silicon Valley-based web 2.0 that gave Google, Facebook, Microsoft, and Amazon internet domination.
"Has anyone seen Web3?" says the narrator. Musk tweeted, "I can't find it," to which Dorsey replied, "It's someplace together surrounded by a and z." This was seen as a suggestion to technology venture capital (VC) firm Andreessen Horowitz, which has recently invested billions in the cause of web3 difficulties.
"You don't own 'web3,'" tweeted Dorsey. "The venture capitalists and their [limited buddies] gain." Their motivations will never let them down. Once an exchange label, it becomes a centralized entity. "I'm aware of what you once mentioned getting into."
The skyrocketing price of various cryptocurrencies and non-fungible tokens (NFTs) designed to establish Web3's pedigree, as well as Facebook's rebranding to Meta, have added to the buzz this year.
"Just as with NFTs, web3 and metaverse platforms are the next natural phase in how we engage, react, and communicate together in the midst of each subsidiary," said Mark Zuckerberg, Meta's chief paperwork, in an interview last month.
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SU.S. could 'Embrace Crypto In 2022,' according to a massive Bitcoin and Ethereum price prediction.
Billy Bambrough contributed to this article.
The bitcoin price has jumped dramatically in the near future, after Jack Dorsey's prediction that bitcoin... [+] will eventually replace the US dollar, raising the price of ethereum and other cryptocurrencies.
Coinbase
Bitcoin, which was created a little more than a decade ago in response to the global financial crisis of 2008, has found a niche as "digital gold," a rare, decentralized digital asset that some investors, companies, and even countries have begun to hold as a means of accumulating value and hedging against inflation and risk.
Last year, dexterously-known swashbuckler Paul Tudor Jones opened the floodgates by describing bitcoin as "the fastest horse to inflection" in relation to the inflation he saw on the horizon as a result of the Covid-19 pandemic and large-scale money creation.
Meanwhile, situation penetration software company MicroStrategy began adding bitcoin to its relationship sheet, resulting in Tesla, Elon Musk's electric car manufacturer, purchasing $1.5 billion in bitcoin in January 2021. El Salvador accepted bitcoin as its national currency this year, replacing the US dollar, and began purchasing bitcoin.
All of this has aided in the rise of the bitcoin price from $4,000 per bitcoin in March 2020 to $69,000 last month. Even still, rises in smaller cryptocurrencies such as ethereum and a handful of ethereum rivals, as well as so-called memecoins like dogecoin and shiba inu, have surpassed the massive bitcoin price rally.
Last month, Hillary Clinton, a former U.S. presidential candidate and secretary of state under President Barack Obama, cautioned that the rise of bitcoin and cryptocurrencies could jeopardize the dollar's status as an international currency.
Others, on the other hand, do not see bitcoin ever displacing the dollar and other so-called fiat, view-backed currencies.
Last year, internet entrepreneur Mark Cuban said, "I think the broad debate about bitcoin or any crypto replacing fiat currency is unproductive."
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