Jack Dorsey, the CEO of Twitter, claims the company and popular social media network would never be joining Facebook’s Libra Association.
According to the recognized reporter Alex Weprin, Jack Dorsey said that Facebook didn’t have to launch a cryptocurrency to do what they wanted to do.
Twitter Would Not Join The Libra Project
Jack Dorsey, who is also the CEO of Square, made it clear that his company will not be joining the Libra Association.
Facebook launched a cryptocurrency and blockchain project back in June this year. The main goal of this project called Libra is to offer financial solutions to those users that do not have access to them around the world.
Alex Weprin wrote that Jack Dorsey answered “Hell no,” when asked whether Twitter would join the Libra project.
Would Twitter join the Libra project? "Hell no," Jack Dorsey says. "Nothing within Libra had to be a cryptocurrency to do what they wanted to do."
— Alex Weprin (@alexweprin) October 24, 2019
The Libra cryptocurrency is expected to be backed by a basket of currencies such as the U.S. dollar, the euro, the Singapore dollar, the British pound or the Japanese yen.
At the same time, Mr. Dorsey said that Mark Zuckerberg’s speech last week seemed to be based in American tradition. This is something that would not allow the company to expand and experiment with different solutions.
During the last few months, several companies that were part of the Libra Association decided to leave Facebook’s plan and focus on their own solutions for clients.
In addition to it, Dorsey talked about how he uses Twitter and how the Screen Time feature on his iPhone allowed him to limit his use of the social network to two hours per day. Moreover, the company is now trying to hire a game theorist and a behavioural economist to try to understand how people use the services offered.
Jack Dorsey has always talked about Bitcoin (BTC). According to Vanity Fair, Dorsey commented about the most popular cryptocurrency in the world:
“I think the internet is somewhat of an emerging nation-state in almost every way. […] It almost has a currency now in the form of cryptocurrency and Bitcoin.”
At the same time, he said last year that Bitcoin could eventually become a single global digital currency.
As mentioned before, Jack Dorsey is the CEO of Square, a company that contributed to the Bitcoin ecosystem. Indeed, the firm offers users the possibility to have access to Bitcoin through an application called Cash App.