On December 21, 2021, CEO Jack Dorsey said that most of the Blockchain is centralized and controlled by different players in the market, but it is only bitcoin Blockchain that is free of any regulations. He said that some of the enormous venture capital firms and investors control the most existing Blockchain systems in his tweet. However, only the bitcoin Blockchain system has been under the control of any person or business firm. He has been an active supporter of the bitcoin Blockchain system and has never been on the side of other existing Blockchain support systems like Ethereum and other Blockchains. His tweet has also been considered one of the most critical factors towards the movement in the cryptocurrency market. According to his tweet, they only came on the market of cryptocurrencies rose, and bitcoin managed to reach a price of $49,000.
He tweeted that – you don’t work on Web3. The VC and their LP partners control the cryptocurrency Blockchain systems globally. Therefore, you are entirely aware of what you are getting in today’s cryptocurrency market.
There are rumours on the Internet that this tweet by Jack Dorsey replied to the article posted in the Wall Street Journal with his name. People believe that Jack Dorsey has been commenting about the web three systems on the Internet because Wall Street Journal has posted about him. However, according to Jack Dorsey, he has nothing to do with the system. It has just made a joint statement about what is going on on the Internet. Also, he stated that he had been an enthusiast for cryptocurrencies, and he had no intentions of moving the market at all.
Jack Dorsey has been a massive supporter of the cryptocurrencies like bitcoin because they are entirely decentralized. However, there are other Blockchain systems in existence that are controlled and centralized like Ethereum and therefore, he never supported them. In August, the founder of Ethereum is bankrolled by their premise. Therefore, it is never going to support the same. He also mentioned that bitcoin had not come with the ICO. According to the details, the billions of bitcoins created by Satoshi Nakamoto are still untouched. Therefore, they will get a fair launch, but the other cryptocurrencies existing in the world do not have anything. They are now controlled by different players in the market, which makes them completely centralized. Well, there has been inevitable confusion about the tweets from different billionaires. Click here to know about the right platform to earn bitcoins.
The main issue
The most certain issue because of which that though she has been a key is the other Blockchain system, they are regulated and controlled. It is only the bitcoin that is not under the influence of any control. The main reason behind the popularity of cryptocurrencies is their decentralized nature. However, some people make small profits, and others make huge profits. On the contrary, when the players make considerable profits from the risk assets, they get to control the market themselves. They became the creators and the backers for their cryptocurrency assets which is a matter of concern.
However, the incentive fuelled cryptocurrencies stimulated development in the different corners. However, Jack Dorsey wants to address the main point that they may not have a common goal of decentralization.
What is important?
Jack Dorsey’s company will be the future of payments in cryptocurrency, and Fiat money is fair. However, only a few small retail outlets came to this idea to be true. Giant firms like Visa and MasterCard own the fiat currencies. However, Square is just a tiny player in this world. Jack Dorsey is not likely to collect huge rent from the users. However, it promotes a blockchain-based payment system that can provide people with a better payment infrastructure. Hence, providing support to Jack Dorsey’s statement has been a better option all along in the world of uncertainties. If Jack Dorsey keeps on supporting the bitcoin Blockchain spare, it is likely to gain popularity in future, and it has some chances of entering into the centralized payment system.