Photo Credit To Matin Guptil Via Flickr
Jack Dorsey, CEO of the famous social media giant, Twitter bashed at Bitcoin as well as the new cryptocurrency proposed by competing giant, Facebook. He warned that bitcoin is not functional as a currency.
Twitter CEO on Bitcoin Facebook’s Libra
Speaking to Australian Media outlets, Dorsey warned that the world’s largest cryptocurrency, Bitcoin is currently not functional as a currency. He elaborates his stance as;
“The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”
Dorsey has always been an adherent of Bitcoin, in fact, he is an early investor in Bitcoin’s Lightning Network, a protocol that is often referred to as the second layer of bitcoin. Moreover, Dorsey’s payment firm Square generated $125 million in revenue in Bitcoin in the 2nd quarter of 2019.
Also, Dorsey launched a new crypto-focused firm, SquareCrypto which announced to hire 3 to 4 cryptocurrency engineers and one designer for full time to work on open source contributions to the Bitcoin ecosystem.
He recalled his experience of his tour while promoting Square’s launch of a new payment wing and notes it (bitcoin) will eventually be adopted widely across the world. Dorsey affirms;
“I think [bitcoin is] 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,”
Bitcoin is the first publicly-traded company which was born, developed and tested on the internet. Dorsey states that the number of cryptocurrencies currently presents in the market couldn’t fill the role of being the native currency of the internet. However, he is pretty sure about Bitcoin, in fact, he believes that Bitcoin has a high probability to be the native currency of the internet.
During the talk, Twitter CEO also opened up to rival’s proposed cryptocurrency, Libra. While he thinks Bitcoin is the best bet to be the Internet’s native currency, he clearly showed his disinterest in any other upcoming digital currencies, especially from its rival social media Facebook.
In a nutshell, he has become a new unexpected hero of Bitcoin.