Popular microblogging site, Twitter has announced that it has no plan of developing its own cryptocurrency but would continue to support Bitcoin.
In an interview with the Sydney Morning Herald today, Jack Dorsey, CEO of Twitter and Square said the social media platform will not create a cryptocurrency because he still believes in the potential of Bitcoin becoming the native currency of the internet.
“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,” the CEO said.
Dorsey, a renowned supporter of Bitcoin, added that cryptos developed to have “open Internet standards” just like Bitcoin would have a significant impact, than cryptos that are developed by private firms.
“I think [Bitcoin’s] the best bet because it’s been the most resilient, it’s around for ten years, it has a great brand, and it’s been tested a bunch,” he added.
Jack Dorsey was in Melbourne Australia for the launch of Square payment terminal to help Australian small businesses to take advantage of the country’s cashless payment policy, thus breaking away from the constraints associated with traditional financial institutions.
The news of social media platforms developing or announcing plans to launch a cryptocurrency is not new.
Telegram last year announced that it would be launching its cryptocurrency dubbed the Gram. The messaging giant planned to make the crypto available to the more than 200 million users of its messaging app.
Last month, Telegram told some investors that it would be releasing the first batches of its crypto next month amid concern from the Middle East Media Research Institute (MEMRI) that the Gram coin might foster more terrorism.
Similarly, Facebook proposed a “new global currency” called Libra in June, with a launch scheduled in the first half of next year.
Since Facebook’s announcement of the Libra project, the social media giant has been met with widespread criticism from regulators especially the United Nations (U.N.), which believes Facebook’s entrance into the crypto industry, would kill off any competition considering the number of users Facebook has.