Social media giant, Twitter’s Chief Executive Officer (CEO) Jack Dorsey has recently expressed his views about Bitcoin saying that it is “not functional as a currency“. Jack has always been bullish about the idea of bitcoin but he thinks that it needs to be made more usable and accessible as a currency. He also thinks that bitcoin is better compared to the likes of Facebook’s proposed cryptocurrency Libra.
Bitcoin is Capable of Being Adopted Widely But The Time Isn’t Right
Jack Dorsey, whose Twitter platform rivals Mark Zuckerberg’s Facebook, has always been bullish on bitcoin. Even now, he thinks bitcoin is a better idea to Facebook’s Libra. Dorsey also feels that Bitcoin has the potential to be the currency of the internet, but he also feels that “it’s not there yet”. According to Dorsey,
“The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”
While touring Australia at the time of Square’s launch of new payment terminals there, he shared with media outlets that he is convinced that Bitcoin will see wide adoption.
Bitcoin Still The Best Bet
According to Jack,
“I think [bitcoin is] the best bet because it’s been the most resilient, it’s around for 10 years, it has a great brand and it’s been tested a bunch,” Dorsey said.
“As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [bitcoin is] a pretty high probability.”
Speaking to the Sydney Morning Herald, Jack went against Facebook Libra which is expected to launch next year as per Facebook’s plans. Jack also revealed that Twitter has no plans of creating a centralized digital currency like Libra, but it is interested in promoting the use of traditional cryptocurrency Bitcoin.
He commented on centralization and decentralization as well –
“Open internet standards serve every person better than ones controlled or started by companies.”
He also revealed that Twitter has no plans of supporting Facebook’s Libra in case it gets regulatory approval. According to reports, Dorsey’s Square generated $125 million in bitcoin revenue in Q2 2019.