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Twitter CEO and founder Jack Dorsey says that he has no plans to launch a platform-specific âTwitcoinâ cryptocurrency, still bullish on Bitcoin.
Twitter and Square CEO Jack Dorsey stated that there are no plans for a platform-specific âTwitcoinâ cryptocurrency, noting that he will instead focus on promoting Bitcoin (BTC).
Open standards are better
According to Australian news outlet The Sydney Morning Heraldâs article published on Sept. 5, Dorsey is confident that Bitcoin is still the most likely candidate to beŃome the internet's native currency. Twitter CEO noted:
âI think open internet standards serve every person better than ones controlled or started by companies.â
Nobody understands the global economy
Dorsey visited Melbourne to take part in the launch of Square Terminal, a new point-of-sale hardware device meant to offer an alternative to the ones provided by banks. He also expressed his ideas about banks and the economy in general:
âBanks' control, authority and practices are a global phenomenon, but I think it's really acute here in Australia. [...] We're always heading into a recession, and we're always heading out of one, and anyone who offers an opinion on this is fooling themselves. [...] There's no one person on this planet that understands the global economy.â
Dorsey also noted that he does not consider the idea of following the example of Facebookâs Libra and releasing a crypto dedicated to Twitter, and that he prefers using existing open standards such as Bitcoin.Â
Bitcoin is the best bet
Squareâs mobile payments application CashApp rolled out BTC deposits in June. According to the data released in August, the company has generated $125 million in Bitcoin revenue in Q2 2019. Dorsey praised the first cryptocurrency:
âI think [Bitcoin's] the best bet because it's been the most resilient, it's around for 10 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.â
As Cointelegraph reported in August, Squareâs cryptocurrency-focused branch Square Crypto hired Blockstream co-founder and Bitcoin developer Matt Corallo.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.