Twitter CEO: bitcoin is becoming the “national currency” of the Internet.
Twitter CEO Jack Dorsey emphatically discarded the idea of joining the Facebook Libra project, and reiterated his belief that Bitcoin and cryptocurrencies are the future of money on the Internet.
During a Twitter News Summit held yesterday in New York City, Dorsey was asked if the company would join the Libra Association, the group of companies that support Facebook in its cryptocurrency project, to which replied “hell no”.
Dorsey emphasized the reasons why the San Francisco-based microblogging service will never join Libra: “It was born from the intention of a company, it is not consistent with what I personally believe and what I want our company to defend”.
Jack Dorsey said he is widely excited about the most decentralized cryptocurrencies, seeing them as part of a growing international online community. “I think the Internet is something like an emerging nation-state in almost every way,” he told those present, adding: “Now it almost has a coin in the bitcoin form.”
Dorsey’s belief in Bitcoin is deep. He is an investor in the solution to the problem of cryptocurrency scalability, Lightning Labs, and Tippin’s fan, the complement that allows Twitter users to tip with cryptocurrencies. Earlier this year, he announced plans to hire engineers and designers to work on open source contributions to the Bitcoin ecosystem, which would keep him informed directly.
In June, Twitter CEO expressed several reasons to highlight his belief in the supremacy of Bitcoin over other cryptocurrencies, among which are: the purity of the principles established by its inventor Satoshi Nakamoto, its shortage (only 21 million bitcoins will be created ) and its resistance to the challenges and attacks that cryptocurrency has faced in the 10 years since its invention.
Twitter vs. Pound
During the Summit, Dorsey also said he had problems with Libra, which is described as a cryptocurrency. “They use that label liberally, I don’t know if it’s a trick, but cryptocurrency was not necessary for that to work,” he said in reference to Facebook’s purpose of democratizing the financial system.
Earlier this week, Facebook CEO Mark Zuckerberg was called before the United States Congress to respond to criticism about Libra. He said Facebook would withdraw from Libra if it were not approved by US regulators.
Zuckerberg also admitted that the Libra Association did not live up to one of the key principles that define cryptocurrencies, namely decentralization. In this regard, he said: “As a large company, we will not do anything decentralized.” Later he tried to go back a little, adding that decentralization was a future aspiration.
To conclude, Dorsey opined the following: “We are not only serving an American audience, we are serving a global audience.”
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.