The first cryptocurrency can land a serious blow to the greenback. In the long run, the dollar might lose to Bitcoin.
According to Jack Dorsey, the CEO of payments company Block, Bitcoin might deliver a crushing blow to the dollar's dominance in the coming years. In May of this year, an analyst predicted Bitcoin's rapid rise to $1 million by 2030. The Block CEO believes that the increase in Bitcoin's value will help it be used as a payment method worldwide. Thanks to Bitcoin, money can be sent anywhere on the globe, and no state can freeze or seize personal savings. Previously, the CEO noted that governments often freeze assets or restrict citizens' access to financial resources. Unlike other assets, using Bitcoin guarantees full control over personal funds. From June 17 to 23, Dorsey stated that Bitcoin is accelerating the transformation of the global economy. He sees BTC as a decentralized tool that is more independent compared to national currencies.
