Former Twitter Inc. (NASDAQ:TWTR) CEO Jack Dorsey mentioned he believes Bitcoin (CRYPTO: BTC) will exchange the US greenback and defined why he doesn’t assist Ethereum (CRYPTO: ETH) or different cryptocurrencies.
What Occurred: Dorsey shared his views on the crypto house in a collection of tweets despatched this week. When rapper Cardi B requested him if crypto will exchange the greenback, he said that “Bitcoin will.”
This assertion shouldn’t come as a shock on condition that he has not often been shy of expressing his stances on how Bitcoin must be held in increased regard than different cryptocurrencies — which resulted in him being usually described as a Bitcoin maximalist.
Dorsey not too long ago even mentioned that if he was not working at Block Inc. (NYSE:SQ) — the bitcoin-friendly monetary providers agency beforehand often called Sq. — or Twitter (the place he not too long ago resigned), he “can be engaged on Bitcoin.” He added:
“If it wanted extra assist than Sq. and Twitter, I’d depart them for Bitcoin.”
On Tuesday Dorsey mentioned he prefers Bitcoin to Ethereum as a result of it’s “important we focus our power on actually safe and resilient applied sciences owned by the mass of individuals, not people or establishments. Solely that basis will present for the functions you allude to.”
This was a solution to Andreessen Horowitz accomplice Chris Dixon suggesting that he ought to work with Ethereum and different blockchains.
Dorsey is a believer in Bitcoin with its uncompromising strategy to cybersecurity and decentralization and honest begin with no pre-mine or discounted gross sales to enterprise capitalists. Ethereum with its preliminary coin providing and comparatively centralized decision-making course of is just not good for Dorsey, who desires as a substitute Bitcoin to understand its full democratization potential.