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Jack Dorsey Praises Bitcoin, Denies Following Facebook Libra Movement

By Chris Torres | September 9, 2019

Jack Dorsey, CEO of Twitter and Square has recently said that he would rather focus on promoting Bitcoin than develop a platform-specific “Twitcoin” cryptocurrency.

Reported by Australian news outlet The Sydney Morning Herald, the CEO still believe in Bitcoin’s potential to be the internet native currency, saying “I think open internet standards serve every person better than ones controlled or started by companies.”

Moreover, he also noted that the firm is not considering the idea of creating its own cryptocurrency like Facebook Libra coin but focusing on promoting Bitcoin instead. 

Recently, Dorsey has claimed that the ecosystem of Cash App is growing rapidly, thanks to Bitcoin. He said:

“I think [Bitcoin’s] the best bet because it’s been the most resilient, it’s around for 10 years, it has a great brand and it’s been tested a bunch. […] As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [Bitcoin is] a pretty high probability.”

According to one shareholder of Square, Cash App has acquired $135 million in services, subscription and transaction-based revenue, in which Bitcoin revenue has taken nearly $125 million.

Dorsey is famously known for strongly holding and advocating the view that Bitcoin is the Internet’s native currency. Earlier, Jack Dorsey has reportedly hinted that he may be spending as much as $10,000 a week buying Bitcoin (BTC).

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