Twitter’s founder and CEO Jack Dorsey has confirmed that he doesn't intend to launch a cryptocurrency while on a trip to Australia to promote Square, the other publicly traded company which he co-founded.
Dorsey, who has long been a vocal Bitcoin supporters believed the cryptocurrency pioneer was still the best bet to be the internet's native currency. He’s invested in Lightning Labs, which is building Lighting, a solution designed to help Bitcoin scale and he also owns Square, which made $2 million in profit in Q2 2019 by selling Bitcoin.
Mr Dorsey is the chief executive of listed software companies Twitter and Square, which have a combined market capitalisation of over $58 billion.
In an interview with The Sydney Morning Herald , Dorsey reaffirmed his long-standing commitment to the number one digital currency by market capitalisation. He talked about the openness of Bitcoin ultimately stood it in good stead to provide greater utility to users than existing or forthcoming alternatives. He stated:
“I think open Internet standards serve every person better than ones controlled or started by companies.”
He added that Twitter will not be looking to challenge Facebook’ Libra or any other commercially run crypto project. Instead, Dorsey’s preference is for existing, open standards in the same way that the internet evolved in its early years.
Rather than that, the Circle and Twitter CEO is known to be a financial contributor to a company developing the Bitcoin micropayments layer, Lightning Network. He was also involved in an effort to raise awareness of the scaling technology known as the Lightning Torch earlier this year.