One of the biggest breaking news stories in the crypto world in 2019 was the release of the highly anticipated Libra white paper which marked Facebook‘s foray into the cryptocurrency world as well as a new era of crypto-centric discussion and regulation around the world. Facebook was not the first large firm to go into cryptocurrency as JP Morgan also announced that they will be launching their JPM coin which will be used for international settlements across the bank.
In the months that followed this, there were rumors of other large firms taking on cryptocurrency and one of these was Twitter with a rumored Twittercoin being in the works. However, Jack Dorsey, the CEO of Twitter, has come out to dispel the rumors with an interview published September 5, 2019, and has categorically stated that there is no such coin.
While Dorsey is not looking to launch a cryptocurrency anytime soon, he has always been enthusiastic about bitcoin and stated that he will continue to support bitcoin as it is most likely to become the currency of the internet. The reason for this, he says, is that open standard tokens are better suited for global use compared to a token controlled by a private company.
This statement was made in Australia during the launch of the Square Terminal, which is a point-of-sale device that is to provide an alternative to those banks offer. During the launch, Dorsey stated that no one understands the global financial system and banks.
“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,” he said.
Dorsey certainly has good reason to be enthusiastic about bitcoin seeing as his company Square rolled out bitcoin deposits in June 2019 and have gone on to make $125 million in bitcoin revenue in the second quarter of 2019 alone. As bitcoin and other cryptocurrencies continue to increase in use, one can you imagine what this figure will rise to in the next few years.