Recently, Jack Dorsey found himself in Melbourne for the Square Terminal launch. Square Terminal is a point-of-sale hardware device like those offered by banks. The Twitter and Square CEO provided comments on cryptocurrencies and banks in general, too. Most of his comments won’t raise too many questions as they’re all sensible. Simply put, Dorsey believes in Bitcoin more than company-created cryptocurrencies.
Countless Cryptocurrencies Released By Countless Companies
Companies continue to develop their own cryptocurrencies, including Facebook’s Libra. Hundreds of companies offer their own altcoins, and new ones spring up daily. However, Dorsey doesn’t see the point of these coins. He doesn’t believe they’ll ever gain traction in the global economy because they’re not open platforms for development. In fact, these alternative solutions are designed to produce money for the corporations.
What Does Jack Dorsey Think About Cryptocurrencies?
On the other hand, Dorsey is a major proponent of the original cryptocurrency: Bitcoin. He stated Bitcoin is the original cryptocurrency and has an established name. It doesn’t hurt that the cryptocurrency is open platform and not owned by a single entity. For that reason, Dorsey prefers Bitcoin because it’s accessible by everyone. No single entity can lock down or manipulate Bitcoin with any particular ease.
Twitter Not Set To Develop or Release “Twitcoin”
By Dorsey’s own words, Twitter won’t release its own cryptocurrency. He sees no point in doing so, and Twitter has no active cryptocurrency projects in development. Many people expected a “Twitcoin” to release at some point or another. Perhaps it’s for the best that development doesn’t seem to be coming. On the other hand, Square’s CashApp mobile wallet has processed $125 million from Bitcoin transactions since June 2019.
Dorsey’s Thoughts On The Global Economy
Dorsey also commented on the global economy and traditional banks. The Twitter CEO believes no single person understands the global economy. In his eyes, our global economy is always headed towards a recession or coming out of one. He sees the global economy as too complex to control or fully explain. It’s hard to argue against these statements, especially with a global economic slowdown being predicted within a year.
In the end, Dorsey remains comfortable promoting Bitcoin as the cryptocurrency to rule them all. Square continues to profit off Bitcoin transactions, and Twitter wouldn’t garner much benefit from its own cryptocurrency. None of these comments should come as a surprise to analysts or consumers. Dorsey has long been a proponent of Bitcoin, and Twitter could avoid a lot of headaches that Facebook is facing with Libra.
