Twitter’s CEO Won’t Create New ‘Twitcoin’ Cryptocurrency

Twitter’s CEO Jack Dorsey says that the world doesn’t need a Twitcoin cryptocurrency right now as the open-source projects are likely better than the centralized ones owned by companies as we are reading in the latest cryptocurrency news below.

While he was speaking for The Sydney Morning Herald, Twitter’s CEO declared that he had no intention of ever creating a twitter cryptocurrency and he stated:

‘’I think open internet standards serve every person better than ones controlled or started by companies.’’

Back at the beginning of the summer, Facebook released the whitepaper for the controversial cryptocurrency project Libra and since then, the authorities around the world have expressed strong opposition to the idea. Dorsey is not the only one that is wary of the centralized digital currencies since there are some discontent users among the XRP holders that are following the perceived dumping of the Ripple token. While there are a few calls for a hard fork of the blockchain, the company took away more than $130 million worth of XRP from escrow and further prolonged the debate.

Ripple is still trying to engage in multiple large transactions dumps which the critics explain it is diluting the XRP price.
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The company, however, counter the main concern and is drumming up the utility for XRP and the suite of payment products. Dorsey confirmed his belief that bitcoin will become the native cryptocurrency of the internet and he noted:

‘’I think [Bitcoin’s] 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. 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.’’

Back on Tuesday, September 4, 2019, Anatol Antonovici explained the argument for the cryptocurrency becoming the next world reserve currency. Also, according to Ikigai’s Travis Kling, the entire record for monetary history is consistent with the fact that the currencies of the world have shelf lives. Dorsey’s faith in bitcoin’s future as the cryptocurrency of the internet shows that there is not that much of a leap from there to the world reserve status as we are read in the altcoin news previously.