“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 surged from their 2022 lows (even though a billionaire bitcoin buyer suddenly turned to bitcoin).

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The price of bitcoin has plummeted in recent weeks, falling from a new all-time high of more than $70,000 per bitcoin and weighing on the broader ethereum, XRP and cryptocurrency market amid wild speculation that a massive tech company could be about to follow MicroStrategy into bitcoin.

As a “groundbreaking” bitcoin bill in the United States was introduced in Congress, billionaire Twitter founder and CEO of bitcoin-focused payments company Block, Jack Dorsey, said he believes bitcoin could eventually replace the US dollar.

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Jack Dorsey has become one of bitcoin’s biggest proponents in recent years amid a massive bitcoin price surge … (+) a boom that sent Ethereum, XRP and the broader cryptocurrency market soaring.

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“It’s going to take time, but little by little 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 rules everything and is currently being challenged by the Chinese yuan,” Dorsey said at an event in Italy.

“(The US dollar and the Chinese yuan) are two entities that control the value of your money and you don’t choose them whereas with bitcoin you have much more control and you have much 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. At the same time, the Federal Reserve Bank of New York wrote a report outlining the case for “the declining share of the dollar in official reserves and the growing role of central bank gold holdings.”

Former billionaire and All In podcast “bestie” Chamath Palihapitiya has predicted that bitcoin could “completely replace gold” as countries adopt it, potentially pushing its market cap toward gold’s $15.7 trillion.

Forbes‘Groundbreaking’ Bitcoin Bill Introduced in Congress After Cryptocurrency Prices CrashBy Billy Bambrough

The price of bitcoin has increased over the past year, pushing up the price of ethereum and XRP … (+) prices and the broader cryptocurrency market.

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Dorsey recently said he expects the price of bitcoin to skyrocket to $1 million by 2030, giving bitcoin a market cap of $20 trillion, thanks in part to 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.