CEO Jack Dorsey is digging down on his pessimism about the cryptocurrency Ethereum by undermining the network’s ability to upend the world of social media titans.
Jack Dorsey, the CEO of Twitter and self-proclaimed Bitcoin (BTC) maximalist, isn’t going to give Ether (ETH) supporters an inch. According to his most recent offhand remark regarding the second-largest cryptocurrency on the market, Dorsey discounted the platform’s potential to single-handedly disrupt Big Tech:
Disrupting “Big Tech” is exactly what’s needed and what I want. No one technology alone will do that though.
— jack⚡️ (@jack) August 12, 2021In response to an online debate about the utility of a full-blown integration of nonfungible tokens (NFT) into Twitter, Twitter user Seyitaylor suggested that it would be more beneficial to Ethereum than to the social media platform.
Dorsey acknowledged that such a move would be more significant for the Ethereum ecosystem than for his own platform, but he added, “Every account on Twitter being able to link to a Lightning wallet, on the other hand…”
The founder and CEO of Twitter has maintained his support for Bitcoin despite the company’s earlier forays into the area of NFTs — and his own use of the technology to raise money for charity — much to the chagrin of both Ether zealots and less sectarian crypto enthusiasts.
If there is place for more than one piece of the puzzle, one Twitter user pressed Dorsey to explain himself, prompting him to say, “Why the ETH hate then if there is room for more than one piece of the puzzle?”
Dorsey’s response was that “concentration on one thing does not imply hatred of the others.” I’ve made it clear that I have reservations about other cryptocurrencies in compared to Bitcoin. The founding values, security, and centralization are the most important.”
The “mystery” of Dorsey’s single-minded preoccupation with Bitcoin was investigated in another Twitter thread, in which Timothy Kim proposed that the veteran cryptocurrency’s promise to serve as “sound money” was what was “critical,” “especially for the globally underprivileged,” and that it was “critical” for Dorsey.
Dorsey entered the chat to express his agreement, stating that he is involved in Bitcoin “to help fix the money” and that he is “not trolling.”
Continuing the conversation in another thread, Dorsey disputed charges that he was deliberately disparaging Ethereum and explained that for him, “decentralisation isn’t an end goal […] it’s just one method of fixing the money.”
In another tweet, Dorsey stated that, while he supports the concept of NFTs, his support for Lightning in this context had nothing to do with them and had everything to do with “establishing a currency for the internet.”
This has been Dorsey’s motto for a long time, and he has stated on numerous occasions that Bitcoin will be the primary currency of the internet at least until 2018.
Unlike other Bitcoin supporters who acknowledge that the fortunes of the two most valuable coins may one day be reversed, he has remained, as far as is publicly known, adamantly opposed to investing in the altcoin.
