Jack Dorsey, the controversial CEO of Twitter, needs to make up his mind once and for all about bitcoin. Last year, the social media mogul said that the currency would be the only form of money available to people in about ten years. Now, he’s saying bitcoin doesn’t work as money. Which one is it, buddy? Is bitcoin going to work as a currency or won’t it?
Hey Dorsey… Which One Is It?
Dorsey seems to be all over the map in many ways. For one thing, Twitter is still getting a lot of flack for its censorship and attacks on conservative users, while liberal customers can pretty much get away with anything. How is this acceptable? How is it democratic, and above all, how do you feel this is still permissible given you stood in front of several U.S. senators to answers questions about Twitter’s questionable tactics?
Clearly, something’s going on here. Either Dorsey thinks he’s above the system or just can’t seem to get things together decision-wise and considering his recent comments regarding bitcoin and its functionality, the latter’s probably more likely.
During a recent Australia tour to promote Square’s new payment terminals within the country, Dorsey commented that:
[Bitcoin is] not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.
Has Dorsey not been paying attention? Has he not noticed the introduction of platforms like Flexa which are making it possible for some of the world’s leading retailers (i.e. Jamba Juice, Nordstrom and Whole Foods) to accept crypto payments? Or maybe he’s not privy to the fact that Square earned approximately $125 million in bitcoin revenue in 2018?
He then tries to top his comments off with a few fluffy words about how great he still thinks BTC is by saying:
I think [bitcoin is] the best bet because it’s been the most resilient. It’s around for ten 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… We love you, bitcoin.
No Love for Libra
Interestingly, where we can probably all agree with Dorsey is in his stance towards Libra, the new Facebook cryptocurrency. Dorsey has commented that he cannot endorse such a venture, saying that the currency is likely to be centralized and that “open internet standards” are likely to serve people better than anything controlled by a single entity.
Funny… Most people just aren’t interested in Libra given Facebook’s history of manipulating people’s private information. Who wants to go through that again?