Jack Dorsey, the CEO of Square and Twitter, recently reiterated his stance that Twitter will never be part of the Libra Association. However, the eccentric millionaire was quick to show his support for Bitcoin, calling it the currency of the internet.
In a recent Twitter thread created by Alex Weprin of The Hollywood Reporter, Dorsey firmly stated that Twitter wouldn’t concern itself with Facebook’s plan to rollout the Libra stablecoin next year.
When asked by the THR editor if Twitter would join Libra, Dorsey replied with a brief “Hell no.” He also said that there was nothing within Libra that required it “to be the cryptocurrency to do what they wanted to do.”
Companies Wary about Libra
Twitter isn’t only the company wary of jumping on the Libra bandwagon. Other firms are starting to jump ship as well. Companies like Mastercard, PayPal, and Stripe have pulled out of the Libra Association.
He said that the social media giant’s new project isn’t an open standard that’s been developed on the internet. Dorsey also noted that Libra grew out of a single company’s motivations and isn’t consistent with his values.
Weprin was covering an event at Twitter’s New York headquarters and tweeted some of Dorsey’s reactions to Mark Zuckerberg’s Georgetown University speech.
The Twitter CEO stated that most of Zuckerberg’s comments appeared to be grounded in American tradition.
The Facebook founder’s speech revolved on censorship, freedom of speech, and the duty tech platforms have in a democracy. Zuckerberg also blasted the way China approached tech development.
In reaction to that, Dorsey said that if they focus too much on a single concept, they’ll be taking away people’s capacity to experiment and expand. He also pointed out that they’re not just serving US customers but a global audience.
No Digital Currency for Twitter
He previously claimed that his company would not follow Facebook’s footsteps and release a digital currency dedicated to Twitter.
In a Vanity Fair interview, Dorsey reiterated his opinion that the internet is like a slowly emerging nation-state. And while Twitter’s chief might be against Libra, he has openly admitted to preferring Bitcoin (BTC).
Dorsey said that after looking at all the cryptocurrencies that could become the internet’s native currency, Bitcoin is the best option.
He explained that BTC is the best option because it has been tried and tested. The digital currency has been around for a decade, and Dorsey believes Bitcoin is resilient and is a great brand.
Dorsey’s belief in Bitcoin is seen in his investment in the currency. He purchased hardware wallet Trezor so he can store his coins and buys $10,000 worth of Bitcoins weekly as part of his investment strategy.