Renowned Bitcoin maximalist and crypto supporter Jack Dorsey announced that Twitter will not create a Twitter cryptocurrency as Facebook did with Libra. While the successful CEO is revealing the new Square Terminal in Australia, Dorsey additionally provided us with a few of his opinions on the global economy.
The CEO of Square and Twitter, Jack Dorsey, announced that the social media platform has no plans to create a native Twitter cryptocurrency. Instead, the CEO will promote Bitcoin. According to a recently published article from The Sydney Morning Herald, the platform’s CEO still believes that Bitcoin will become the native currency of the internet so that a Twitter cryptocurrency simply is not needed. Dorsey stated that open internet standards are superior compared to standards created or controlled by companies.
While the Bitcoin Maximalist visited Australia as Square is launching their new ‘Square Terminal’ there, a hardware device acting as an intermediary payment processor, Dorsey stated a few of his opinions on banks and the economy.
He stated that the central authority of banks is a global phenomenon, expressing that the case is especially prominent in Australia. Dorsey additionally added that ‘there is no one on this planet that understands the global economy’.
Talking about the cryptocurrency sector, Jack Dorsey revealed that he will not consider taking the initiative of creating a Twitter cryptocurrency as Facebook did with Libra, he will instead support and use existing protocols like Bitcoin.
During his recent time in Australia, the CEO has stated that Bitcoin should be more ‘usable’ before we can call it a real currency. The entrepreneur experienced major success after implementing Bitcoin into Square’s platform. Following new features on Square’s Cash App, the company’s market capitalization increased by a billion dollar in the span of a week. However, Dorsey attempts to remain realistic in the approach to Bitcoin, acknowledging that there is a long road ahead.