Former Twitter CEO and Bitcoin investor, Jack Dorsey replied to the Grammy Award-winning Hollywood rapper, Cardi B’s tweet where she questioned whether Crypto has the potential to replace the US dollar. Dorsey took this opportunity to reiterate Bitcoin’s dominance, asserting that the OG crypto, “Bitcoin will” in fact replace the green bills.
Yes, Bitcoin will
— jack⚡️ (@jack) December 21, 2021
The comments section of Cardi B’s tweet gathered the lot of the Bitcoin and crypto community alike, dragging the US dollar down. The meme token, Dogecoin’s co-founder, Billy Markus shared a meme to mock the the instability of the Dollar, comparing it to DOGE.
— Shibetoshi Nakamoto (@BillyM2k) December 21, 2021
Bitcoin Community follows the legendary HODL mantra
Community members continued to reinstate crypto’s inevitable growth, specifically claiming Bitcoin’s dominance given its increasing institutional adoption. Yesterday, CoinGape reported that despite the ongoing bear and a phenomenally hiked fear index, it was determined that Bitcoin Miners’ unspent supply is only 500 BTC below the All-Time-High (ATH).
However, the crypto market appears to be back on track with the global market cap reaching $2.25T, following a 3.89% hike over the last day. Additionally, according to CoinMarketCap’s data, the total crypto market volume over the last 24 hours is $98.84B, which makes a 21.54% increase. Lastly, Bitcoin’s price is back up, surpassing the $48k mark and aiming to touch the $55k bracket soon. Bitcoin’s dominance is currently 40.81%, an increase of 0.22% over the day.
These coins are issued to miners as a reward for solving a block, but have never been spent onchain.
Miners started HODLing significantly more $BTC since March 2020.
— glassnode (@glassnode) December 20, 2021
Bitcoin Vs Dollar
The most notable comparison between Bitcoin and the US dollar took over headlines sooner than later, post the commencement of rising inflation in the United States. With a surge in inflation, eminent players had come forward to warn the public against the US Dollar’s crash followed by Bitcoin’s steep fall.
On one hand, the US dollar’s devaluation is pitched as an opportunity to accumulate more debt to further take advantage of the fallen interest rates, on the other hand, Bitcoin’s crash is also projected as an investment opportunity by many billionaires. So together the crashes may be considered to go hand-in-hand with accumulating more Dollar debt to channel it towards the purchase of more Bitcoin.