Jack Dorsey Confirms: “Twitter Has No Interest In Creating A Libra-Like Coin”

The CEO of Twitter and Square is in the latest cryptocurrency news again for its apparent connection to the Libra cryptocurrency and the rumors which showed that Twitter could be replicating Facebook with its stablecoin move. However, the CEO has denied the claims. In fact, Jack Dorsey confirms that there are no plans for a platform-specific “Twitcoin” as the rumors showed, noting that he will instead focus on promoting Bitcoin (BTC).

The report first went live in the altcoin news when an Australian news outlet named The Sydney Morning Herald published an article on September 5, featuring Dorsey and his statement about Bitcoin. As Jack Dorsey confirms, Bitcoin is still the most likely candidate to become the Internet’s native currency.

“I think open internet standards serve every person better than ones controlled or started by companies,” the Twitter CEO noted.

Meanwhile, reports in the coming altcoin news show that Dorsey visited Melbourne recently, mainly to take part in the launch of the Square Terminal which is a new point of sale hardware device that is meant to offer an alternative to the ones provided by banks. As Jack Dorsey confirms that there are no Twitcoin plans, he also noted:

“Banks’ control, authority and practices are a global phenomenon, but I think it’s really acute here in Australia. […] We’re always heading into a recession, and we’re always heading out of one, and anyone who offers an opinion on this is fooling themselves. […] There’s no one person on this planet that understands the global economy.”

Dorsey also said that he does not consider the idea of following the example of Facebook’s Libra and releasing a crypto that is dedicated to Twitter. He also said that he prefers using existing open standards such as Bitcoin.

Meanwhile, Square’s mobile payments application CashApp rolled out BTC deposits in June. The data released in August showed that the company generated $125 million in Bitcoin revenue in Q2 of 2019.

“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,” the CEO of Twitter concluded while praising the most dominant cryptocurrency.