10 Sep 2019
After Facebook announced the launch of Libra, a stablecoin that should become a common currency for WhatsApp, a messaging application owned by the corporation, the rumors began to emerge about the forthcoming introduction of the cryptocurrencies of similar nature by other globally recognized social media outlets.
Many of them concerned Twitter, a San Francisco-based social networking service that generates yearly revenue of $3 billion. For some reason, the hints on Twitter’s intention to follow the footsteps of Facebook and start developing its own cryptocurrency began to disseminate in the media. To weather the imminent storm, Jack Dorsey, an acclaimed digital entrepreneur who also happens to be the founder and CEO of Twitter, made a public statement in which he dispelled the rumors about his company’s interest in working on a digital coin. By the way, this coin has already been branded Twitcoin by the imaginative crypto community.
Jack Dorsey caught the idea of putting a stop on different insinuations about the covert plans to enter the crypto space during the visit to the launch party of Square Terminal, an innovative device for payments and receipts developed by the Australian company. While in Melbourne, the CEO addressed the press in an attempt to put a stop on the growing speculations.
In answer to a question about this hot topic, Dorsey has refuted categorically any intentions on launching, let alone developing the so-called Twitcoin. With that issue off the table, he went on and praised Bitcoin for being the most probable candidate for the title of Internet money of the future. The founder of Twitter expressed his firm conviction that the open Internet standards, inherent to Bitcoin and other cryptocurrencies, can yield far more benefits for the common user than the one that has been put under firm governmental supervision or became monopolized by mega-corporations.
He also didn’t miss the opportunity to criticize the authorities for being frustratingly incompetent in the matters of the global economy. Therefore, Bitcoin represents an opportunity for people who care about their financial well-being and want to get some autonomy from the failing governments, to experience a new kind of economic and informational interaction. The first cryptocurrency has already proven its resilience to the turbulence on the fledgling markets, with the nastiest one being the 2018 crypto “depression”, and managed to bounce back, signifying the commencement of the market recovery.
As if to prove his point, Dorsey mentioned that Square, the mobile application and device developed by the company in which he also serves as CEO, accepts payments in bitcoins. In conclusion, he prided himself on resisting the urge to join the “Libra craze” and become a participant in political games.
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