Jack Dorsey, CEO of popular social media microblogging platform, Twitter, reiterated his belief that digital currencies, especially Bitcoin (BTC), are the future of internet money.
Dorsey revealed during a Twitter News Summit in New York that he “thinks the Internet is somewhat of an emerging nation-state in almost every way. […] It almost has currency now in the form of cryptocurrency and bitcoin.”
As concerns to Bitcoin, he believes that the world’s top cryptocurrency is superior to others due to the power of its brand.
In his first stance for Bitcoin, Dorsey noted that BTC is now a catch-all term for distributed ledger technology as well as cryptocurrency to the general public. He also credited Bitcoin superiority to the lofty ideals laid down by pseudonymous inventor Satoshi Nakamoto in the white paper.
The other thing that I think makes it probably the strongest candidate is that the principles behind it are very pure. The creation of it was very pure and focused on the public good, rather than any other particular agenda,” he added.
Facebook Libra vs. Bitcoin
In the same summit, the CEO of Twitter ruled out joining the Libra project, adding that Facebook’s proposed crypto is not an open standard born on the Internet.
Dorsey noted that he had issues with Libra being referred to as a cryptocurrency, he said:
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. […] They use that label liberally… I don’t know if it’s a gimmick, but cryptocurrency wasn’t necessary to make that thing work.
In the same week Facebook CEO Mark Zuckerberg met the U.S Congress, Ralph Hamers, the CEO of Dutch multinational banking and financial services corporation, ING said banks might have to cut ties with Facebook if Libra is launched.