Bitcoin could replace the dollar, according to Jack Dorsey

Jack Dorsey, CEO of Block Inc., recently extolled the virtues of Bitcoin, calling it "free money."

Toy emphasized the ability of Bitcoin to function independently of government control, contrasting it with the United States dollar (USD), which requires government and bank approval for transactions.

Also, the Block director praised the capacity of Bitcoin, suggesting that it will either complement or collapse the dollar.

He is not alone in recognizing Bitcoin's potential in this regard. Many people in both crypto and traditional financial markets view Bitcoin as a hedge against inflation. For example, during the economic crisis in Egypt in March, the Egyptian lira fell sharply, but the value of Bitcoin remained stable.

Hunter Horsley, CEO of Bitcoin ETF issuer Bitwise, pointed out that Bitcoin owners are better off in dollar terms than those holding the weakened Egyptian pound. This scenario highlights Bitcoin's role as a safe-haven asset during times of economic instability.

In the United States, recent economic data supports Bitcoin's potential as a reserve asset. In addition, inflation expectations for next year fell from 3.5% to 3.3%, and the five-year forecast remained stable at 3%.

These indicators suggest a stable economic environment, making the moment right for Bitcoin to consolidate its position on the world stage. Bitcoin is currently trading at $64,300. Despite the recent decline, broader trends point to a strong future for Bitcoin as both a financial asset and a symbol of monetary freedom.