Twitter CEO Jack Dorsey has made it clear that the company won’t be developing any sort of cryptocurrency product. In a recent interview, he said Twitter wouldn’t add any new features to its existing cryptocurrency project, dubbed, “Coin”, because it “is not a great idea.” “It’s a terrible idea,” Dorsey told Bloomberg. “It won’t work. There’s no point in us doing this.” As Coin has grown in popularity over the past year, Dorsey and other execs from Twitter have publicly voiced their concerns about the technology, which has a limited use case, and/or the technology is too volatile.
Last week, Twitter CEO Jack Dorsey kept saying “no” to Ethereum. A few days ago, he tweeted: “No plan to build a native token.” If the crypto world were to submit criticism to that tweet, it would be: That was just like the last time.
Twitter CEO Jack Dorsey keeps saying ‘no’ to Ethereum
Twitter CEO Jack Dorsey has again ruled out buying Ether (ETH), despite the social media platform’s activity with Ethereum-based non-playable tokens (NFTs).
On Wednesday, the social media platform announced a donation through Rarible, a large NFT platform that uses the Ethereum blockchain network to mine digital collection tokens.
But despite Twitter issuing 140 NFTs on Ethereum – the basis for the second most valuable cryptocurrency after Bitcoin (BTC) – Dorsey apparently sticks exclusively to Bitcoin.
Following the news about NFT, Twitter user Packanimal suggested that Dorsey’s investment in Ether was only a matter of time, to which the CEO simply replied no.
– jack (@jack) 30. June 2021
The cryptocurrency community then reacted to Dorsey’s ambiguous statement regarding Ethereum. Adam Cochran of Cinneanhaim Ventures criticized Twitter’s CEO for always being a BTC max, while Twitter is pushing Ethereum-based NFTs on Rarible. With that level of mental gymnastics, I’m surprised he won’t represent the U.S. at the 2021 Tokyo Olympics, Cochran said.
Dorsey, who is also the co-founder and CEO of digital payments crypto-currency company Square, has previously expressed allegiance exclusively to bitcoin, stated in a 2019 tweet: I only have bitcoins. At the Bitcoin 2021 conference in early June, he said: Bitcoin changes absolutely everything. I don’t think there is anything more beneficial to people around the world.
Related: Michael Saylor is not just a bitcoin maximalist: There’s a place for everyone.
Dorsey, an early proponent of bitcoin, has repeatedly argued that bitcoin will become the sole currency of the Internet, at least as of 2018. He has already declined to invest in altcoins like Ether, saying he will not invest in bitcoin until 2019.
Dorsey’s comments come at a time when some of Bitcoin’s biggest players recognize that Ether could eventually surpass Bitcoin as the world’s largest crypto-currency. Mike Novogratz, founder and CEO of cryptocurrency investment firm Galaxy Digital, predicted Thursday that Ether could one day become the largest cryptocurrency.When Twitter announced it was venturing into cryptocurrencies, many crypto investors were devastated. Not only was the social media company buying into the cryptocurrency space, but they were acquiring a crypto token of their own! Twitter’s initial coin offering (ICO) for its own cryptocurrency, ‘Lumen’, was expected to begin on November 29, but has been delayed until January 2019. The delay is due to technical issues, as Dorsey explained in a report by the New York Times:. Read more about ethereum twitter and let us know what you think.
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