Twitter founder Jack Dorsey has been the adherent of Bitcoin, the crowning cryptocurrency in terms of market capitalization. He said, “the internet already has its currency, Bitcoin”. However, when asked if Twitter would join Facebook’s Libra, Dorsey said “hell no”.
During the Twitter media event in New York City, Jack Dorsey criticized Facebook-led cryptocurrency, Libra and said, “Twitter would never join Libra”. Ever since Facebook announced the plan to launch its own cryptocurrency, it has undeniably drawn the ire of lawmakers and regulators worldwide. Dorsey mentioned;
I don’t know if it’s a gimmick, but a cryptocurrency wasn’t necessary to make that work”. He continued elaborating his stance as follows; “It’s not an internet open standard that was born on the internet, it was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”
Twitter and Facebook are the two top social media networks, serving the worldwide audience on their networks – but in terms of the cryptocurrency, the former is encouraging bitcoin adoption on a large-scale whereas the latter seeks to launch its native token, Libra. As a pro-active crypto enthusiast, Dorsey earlier claimed that Bitcoin is the currency of the internet, accessible to every individual. In his recent talk as well, Dorsey told the crowd;
“I think the internet is somewhat of an emerging nation-state in almost every way,” he told the crowd. “It almost has currency now in the form of cryptocurrency and bitcoin.”
A lightning network advocate, Dorsey also responded to Mark Zuckerberg’s testimony before the Congressional Committee on October 23. According to Dorsey, the testimony seemed to be based on American tradition. His statements were reported by Alex Weprin on Twitter who is the editor and report of Hollywood reporter;
Moreover, on October 26, Dorsey took to Twitter and shared a screenshot which defined the meaning of Bitcoin. The picture reads that,
Bitcoin is a radically new way to store and transact value. Unlike normal financial networks, Bitcoin is able to operate without central authorities or trusted administrators. That makes bitcoin the first-ever open and borderless currency.
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