Posted 2 years ago | by Ben Armstrong

Jack Dorsey: Twitter Has No Interest in Creating Libra-Like Crypto

In response to inquiries regarding his future cryptocurrency intentions, Twitter and Square CEO Jack Dorsey stated that there are no plans for a platform-specific “Twitcoin” cryptocurrency, noting that he will instead focus on promoting Bitcoin (BTC).

Dorsey stated that he prefers using existing open standards, rather than following the example of Facebook which has developed its own cryptocurrency, Libra.

In the September 5th edition of The Sydney Morning Herald, Dorsey conveyed his confidence that Bitcoin is the most likely candidate for the internet's native currency. The Twitter CEO noted: “I think open internet standards serve every person better than ones controlled or started by companies.”

Twitter's Dorsey Digs Open Systems

Dorsey was in Melbourne to launch Square Terminal, a new point-of-sale hardware device meant to offer an alternative to the ones provided by banks. He also expressed his ideas about banks, and the economy, in general:

“Banks' control, authority and practices are a global phenomenon, but I think it's really acute here in Australia. [...] We're always heading into a recession, and we're always heading out of one, and anyone who offers an opinion on this is fooling themselves. [...] There's no one person on this planet that understands the global economy.”

Dorsey’s support of Bitcoin has many reasons, one being that Square’s mobile payment application, CashApp, introduced BTC deposits in June. According to the August data, the company has generated $125 million in Bitcoin revenue in the 2019 second quarter.

With these kinds of numbers, it is obvious why Dorsey praised the first cryptocurrency, emphasising its resilience over the past decade. He called it “the best bet”.

Additional evidence of the close relationship between Dorsey and Bitcoin can be seen in the recent hire of Blockstream co-founder and Bitcoin developer Matt Corallo by Square’s cryptocurrency-focused branch, Square Crypto.

Libra is Sticky Subject

Facebook's Libra has been the subject of criticism from numerous sectors, including the US government. Last month's congressional hearings on the Libra project were a mixed bag, but there appears to be substantial scepticism surrounding another competitor to the US dollar.

The US dollar's role in global trade has been slipping over the last few years, and the US is now running record deficits in the post-WW2 era. The US Congress has been circulating a draft bill that would prevent companies that have more more than $25 billion USD in assets from providing financial services, but it is still being debated.