this week on crypto twitter
Illustration by Mitchell Preffer for Decrypt

This being the week of Christmas, Crypto Twitter wasn’t its usual raucous and polyphonic self. There were fewer announcements, attacks, and gossip than usual. 

But one debate dominated the chatter: former Twitter CEO Jack Dorsey took on Web3’s venture capitalists and found an ally in Elon Musk. And it all happened after Cardi B asked her followers an innocuous crypto question.

Read on for the play-by-play summary of the debate and to find out what else happened on Crypto Twitter this week. 

Jack vs Web3 VCs

Cardi B arguably ignited the Web3 war of words between Jack Dorsey and venture capital firms like Andreessen Horowitz. It all started on Tuesday, when Cardi tweeted a simple question to her 20 million followers: “Do you think crypto is going to replace the dollar?” 

Dorsey, a vocal Bitcoin maximalist, replied within seven minutes: “Yes, Bitcoin will.” (Bitcoin, not crypto.)

Dorsey wasn’t done drawing a distinction between Bitcoin and the rest of crypto. Three hours later he jumped back on Twitter and declared: “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.”

The tweet attracted a gaggle of industry pundits into the fray, including Rug Radio founder Farokh Sarmadh,…

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