Bitcoin price: Three words from Twitter founder Jack Dorsey gives crypto major boost

Three simple words from a billionaire propelled bitcoin to a higher price than it’s been for a month after a horror six weeks.

After a difficult six weeks, bitcoin received a temporary boost to its price after just three words shared on Twitter.

And no, those words weren’t from Elon Musk.

Instead, another billionaire spruiked the coins, causing them to hit their highest price in over a month.

Early Wednesday morning AEDT, Twitter founder and ex-CEO of the platform Jack Dorsey, with a net worth of $A16 billion, threw his weight behind the blockchain.

American rapper Cardi B asked her 20 million followers on Twitter: “Do you think crypto is going to replace the US dollar?”

One of the answers to her question stood out, from Jack Dorsey himself.

“Yes, bitcoin will,” he wrote.

The coin momentarily lifted by five per cent to US$49,331, a percentage increase higher than any other for the past 30 days.

At time of writing bitcoin was slightly lower, up by just three per cent sitting on a little over US$48,000.

Yes, Bitcoin will

— jack⚡️ (@jack) December 21, 2021

Bitcoin had a massive price lift following the bullish sentiment from Dorsey.

The idea of bitcoin replacing the US dollar isn’t as far off as it seems.

In September, El Salvador became the first nation to introduce bitcoin as legal tender.

However, Mr Dorsey wasn’t quite as enthusiastic when it came to Web 3.0 — the idea of a decentralised internet similar to decentralised blockchains, a stark contrast to Web 2.0 which centres around a small group of “Big Tech” companies running the online world.

In a subsequent tweet Mr Dorsey shot down Web 3.0, writing: “You don’t own ‘web3′. The VCs and their LPs do.

In this, he was referring to venture capitalist firms (VCs) and investors known as limited partners (LPs) investing Web 3.0 firms.

As a result, it wouldn’t really be decentralised, it would just be a different group of big tech groups, Mr Dorsey argued.

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.

Know what you’re getting into…

— jack⚡️ (@jack) December 21, 2021

Mr Dorsey has been a known supporter of bitcoin since at least 2018.

Back in August, the entrepreneur said, as can be seen in the tweet below, that bitcoin would unite first the US, and then the world.

Last month, Mr Dorsey announced he was resigning from Twitter so he could focus on his payment company, recently renamed Block.

If not for his Block venture, the tech guru said he would be pursuing an enterprise in the cryptocurrency space right now.

“If I were not at Square or Twitter, I‘d be working on bitcoin,” Dorsey said at a Miami bitcoin conference in June. He said ”both companies have a role to play” in terms of bitcoin.

#Bitcoin will unite a deeply divided country.

(and eventually: world)

— jack⚡️ (@jack) August 9, 2021

Bitcoin hasn’t had a great end to the year, dropping by as much as 33 per cent in the past several weeks after hitting its all-time high of nearly US$69,000 on November 10.

Since then, the coin has been hovering around the US$45,000-US$48,000 mark — shedding more than US$20,000 of its value.

Bitcoin currently has a 200-day moving average of just over US$46,000.

Originally published as Bitcoin price: Three words from Twitter founder Jack Dorsey gives crypto major boost