As Facebook's Mark Zuckerberg faces a firestorm of criticism for his Libra project, another prominent social media billionaire is staying on the side-lines. Jack Dorsey made it very clear in an interview with the Sydney Morning Herald that he has no plans to launch a…
As Facebook’s Mark Zuckerberg faces a firestorm of criticism for his Libra project, another prominent social media billionaire is staying on the side-lines. Jack Dorsey made it very clear in an interview with the Sydney Morning Herald that he has no plans to launch a Twitter cryptocurrency, instead preferring to advocate for Bitcoin as the currency of the internet.
It is no secret that Jack Dorsey has been a fan of Bitcoin for some time. The Twitter CEO’s well-documented love of crypto has warranted plenty of speculation about a “Twit-coin,” especially after rival Facebook announced their Libra plans this year.
Crypto Twitter fans have had their dreams shattered today, as Dorsey has once again backed Bitcoin and refused to consider making a cryptocurrency. The tech billionaire made the following statements while on the marketing trail for his Square payments system,
“I think open Internet standards serve every person better than ones controlled or started by companies. I think [Bitcoin’s] the best bet because it’s been the most resilient, it’s around for ten years, it has a great brand, and it’s been tested a bunch. As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [Bitcoin is] a pretty high probability.”
When you see the kind of negative press that Facebook has endured for its crypto plans, it’s unsurprising that Jack Dorsey and Twitter don’t want to commit to a project. It would appear far safer to wait and see how things play out for Libra. Let’s not forget that the Square CEO does own Bitcoin, so it’s not surprising that he doesn’t want to try and compete with BTC.
The Winklevoss twins made a bold claim after Facebook announced their Libra plans. Namely, that all FAANG stocks would have their own crypto by 2021. Although Twitter is not one of these stocks, it seems very likely that other tech CEOs share Dorsey’s reluctance to take on Bitcoin in the current political climate.
Google is facing a litany of lawsuits, and Amazon and Apple have Trump and the trade war to worry about. Cameron and Tyler’s prediction could still be possible, but the time scale looks increasingly too short.