Twitter CEO Jack Dorsey slams Libra

Facebook's Libra cryptocurrency has received yet another blow after Twitter CEO Jack Dorsey dismissed the project

Twitter CEO Jack Dorsey washed away any speculation that the social media platform could be joining the Libra Association.

Facebook’s foray into cryptocurrency has been met with a wave of criticism this week when CEO Mark Zuckerberg appeared before Congress to defend it.

After taking a beating on both the project and the platform from the House of Representatives, it has been dealt another major blow – this time from Jack Dorsey.

The Twitter and Square chief was recently at the Twitter News Summit media event in New York City. CNN journalist Kerry Flynn was there live tweeting the discussion.

One of the questions posed to Dorsey was whether he and Twitter would ever consider joining Facebook’s Libra Association.

“Hell no,” he insisted.

“Nothing within Libra had to be a cryptocurrency to do what they want to do. They use that label liberally. It’s completely incorrect.

“I don’t know if it’s a gimmick, but cryptocurrency wasn’t necessary to make that thing work.”

Elaborating further on The Verge, Dorsey made it clear he wants nothing to do with Mark Zuckerberg’s project.

“It’s not an internet open standard that was born on the internet,” he explained.

“It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”

While Dorsey is not a believer in Libra, he is highly enthusiastic about cryptocurrency and decentralised systems.

Earlier this year Coin Rivet reported on how he was buying up $10,000 worth of Bitcoin per week.

He is even an advocate for the Lightning Network – a layer two scaling solution – and revealed that he would be integrating it into the Cash App.

Interested in reading more Jack Dorsey-related stories? Discover more about the CEO looking to hire crypto engineers to be paid in Bitcoin back in March.



Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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