Jack Dorsey caused a stir with a bizarre Web3 Twitter rant

One of the most vocal proponents of Bitcoin on the internet this week expressed an unusually offbeat opinion to Web3. On Monday, Square Block CEO Jack Dorsey took to Twitter to warn blockchain enthusiasts that Web3 has already been co-opted by investors. “You do not own ‘web3′” he said in a post spotted by Bloomberg. “The VCs and their LPs do. It will never escape their incentives. It is ultimately a centralized entity with a different label. Know what you’re getting yourself into…’

Web3 is the term many in the crypto community use to describe the next iteration of the internet. Using technologies like blockchain, they claim that the internet will become a more decentralized entity, free from the institutional players that have dominated it since the early days of the platform. Investment firms like Andreessen Horowitz are some of the most vocal advocates of companies in the space. In October, the company had set aside $3.1 billion to invest in crypto and Web3 startups. “It’s somewhere between a and z,” Dorsey said, referring to “a16z,” the nickname when Tesla CEO Elon Musk joined the conversation to ask if “anyone seen web3?”

It’s unclear what prompted Dorsey to say what he was doing on Twitter. After all, this is the man who wanted the world to know that he had a Bitcoin clock in his kitchen when he testified before Congress. It should also be noted that Dorsey runs a company heavily involved in blockchain technologies.

What is clear is that his tweet caused a stir. At the time of writing this article, the post has attracted more than 5,000 retweets, 2,000 quote tweets, and 31,000 likes. Sure, the Bored Ape contingent showed up to tell Dorsey he was “totally wrong,” but just as many people came to lend support, calling him “based” for his tweet.

Despite all the buzz Dorsey’s tweet has generated, there is some truth to what he said. On Monday, citing a new study from the National Bureau of Economic Research, The Wall Street Journal determined that 0.01 percent of those who own Bitcoin own 27 percent of digital currencies. Another recent study by Nature found that only ten percent of NFT investors completed 85 percent of all trades involving those assets. Decentralization indeed.

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