Jack Dorsey predicts that Bitcoin will replace the US Dollar, considers BTC inevitable
- Former Twitter CEO, Jack Dorsey is bullish on Bitcoin, believes that the largest cryptocurrency will replace the US Dollar.
- The tech billionaire shared his bullish outlook on Bitcoin price amidst an ongoing price collapse.
- Analysts predict a pullback in Bitcoin price before the asset breaks into a rally.
Proponents believe that the former Twitter CEO is keen on pursuing his interest in Bitcoin since his departure from the social media firm. Dorsey is bullish on Bitcoin and predicts that the asset will replace the US Dollar.
Bitcoin could replace the US Dollar according to tech billionaire
Jack Dorsey, the former CEO of Twitter recently quit the social media firm to focus on his payments company Square. Dorsey recently shared his thoughts on Bitcoin. He believes that Bitcoin will eventually replace the US Dollar.
Bitcoin price has posted over 107% gains over the past twelve months. Despite the recent price crash, Bitcoin price lost 20% of its value a month ago.
Cardi B, renowned American rapper asked if Bitcoin would replace the US Dollar in a tweet. The tech billionaire responded to the tweet, in the affirmative.
Do you think crypto is going to replace the dollar?
— Cardi B (@iamcardib) December 21, 2021
Bitcoin price posted over 4% gains over the past 24 hours. Dorsey’s comments fueled a bullish narrative for the asset. Analysts evaluated the Bitcoin price trend and predicted that the asset is not ready to break out.
@Koolaid_crypto, a crypto analyst on Twitter has predicted a pullback before a Bitcoin price rally. The analyst expects Bitcoin to hit another higher low and hit a bottom before the asset resumes its uptrend.
$BTC price not ready to break out unfortunately and we may see a pullback before a launch. Another higher low would solidify a proper bottom so let's see how this goes.#BTC #BTCusdt #Bitcoin #Cryptofam pic.twitter.com/c2U8wfEHJp
— Crypto Koolaid (@Koolaid_crypto) December 21, 2021
The analyst notes that Bitcoin price has bounced off of support and is currently testing the upper resistance at $48,470.
FXStreet analysts believe that Bitcoin price could turn around in a bullish expansion phase.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
