Former Twitter chief Jack Dorsey caused a stir on the social networking site he helped to found by sharing his thoughts on crypto and Web3.0.
Dorsey, who recently left his role as chief executive of Twitter to focus on a blockchain oriented Fintech company, today told music artist Cardi B that Bitcoin will eventually replace the dollar.
Dorsey also riled investors by claiming that Web3.0, a collection of blockchain based, decentralized applications which are supposed to replace the internet as we know it, is subject to the same centralized control as the existing internet.
“You don’t own ‘web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label,” Dorsey Tweeted, arguing that venture capital firms which fund Web3.0 projects will ultimately control its future rather than users.
Tesla chief Elon Musk got in on the debate by asking “has anyone seen web3? I can’t find it,” to which Dorsey replied “it’s somewhere between a and z.” The coded message could be taking a swipe at a VC firm founded by Marc Andreessen and Ben Horowitz which is a vocal backer of Web3.0.
Longtime Bitcoin fanatic Dorsey recently left his role as chief executive of Twitter to focus on fintech company Block, formerly known as Square. The name change signals Dorsey’s interest in the advancement of blockchain technology while Spiral, a unit of Block, is dedicated to promoting Bitcoin.
Under Dorsey’s leadership Twitter enabled bitcoin tipping, set up a dedicated crypto team and promised it will integrate NFT authentication.