Twitter, unlike Facebook with Libra, plans to use existing cryptocurrencies to develop future market plans

Jack Dorsey, Co-founder and current CEO of Twitter, said during an interview that they are not thinking about developing a cryptocurrency that addresses the crypto market, as Facebook has recently done.

In addition, Dorsey is also CEO of the popular Square payment platform. As responsible for both companies, he said they prefer to work with existing cryptographic platforms, such as Bitcoin.

The statements were offered by Dorsey, during a visit he made last September 5th to Australia. Interviews were conducted simultaneously for local media such as The Sydney Morning Herald, Australian Financial Review, and The Age.

The objective of the visit that the executive made to the country was mainly to closely verify the impact of the new devices of his digital payments company, Square.

When analyzing these statements about the decisions that both companies have as a future, it can be ruled out that Twitter or Square are planning to create a token that competes directly with Facebook’s ambitions, and especially with its next cryptocurrency, Libra. This gives the idea that Twitter is heading in another direction. “I think that open internet standards serve each person better than those controlled or initiated by companies”, Dorsey said.

In this way, the executive said that the plans he has for his companies are in the direction of using cryptocurrencies to promote projects supported thanks to the Internet, thus assuming the creation of products and services that drive the use of tokens. The companies will use existing cryptocurrencies to carry out their future business and projects.

“In the long term, cryptocurrencies will help us to be more and more like an Internet company where we can launch a product and everyone can use it, instead of having to go from one market to another, from one bank to another, and from one regulatory body to another”, Twitter CEO explained.

About this surprising response, Dorsey said he was very motivated to use Bitcoin for his future projects within companies. In addition, he shared his point of view regarding the characteristics of the BTC. “I think Bitcoin is the best bet because it has been the most resilient. It’s around for ten years, it has a great brand, and it has been tested a bunch”.

In this way, Dorsey supported his thesis that the Internet needs a native currency that helps to capitalize and strengthen a market within the web. “Internet needs a native currency. I don’t know if it will be Bitcoin or not. I hope it is”.

In spite of those statements that Dorsey offered last year, in the recent interview there was a possible failure in the entire Bitcoin system since he commented that he is not sure that cryptocurrencies have reached its maximum potential, and that they are not yet so accessible and usable by everyone.

By María Rodríguez


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