Jack Dorsey Can’t Envision Twitter and Libra Together, Envisions Massive Potential in Decentralized Protocols | BTCMANAGER
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When asked whether Twitter would be interested in joining the Libra Association, Jack Dorsey met the inquiring journalist with a prompt “hell no”. Dorsey’s reaction is not surprising in the slightest as he has previously spoken of his issues with a network like Libra. That being said, Dorsey sees immense potential in other decentralized cryptocurrencies, and Bitcoin in particular, as per The Verge, October 24, 2019.
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Jack Dorsey has emerged as a strong influence on the Bitcoin market. Although he says he believes decentralized cryptocurrencies are the future, his actions show that he leans bullishly toward Bitcoin.
Square, Dorsey’s payment processing company, allows customers to “stack sats” over their native Cash App. Bitcoiners in the U.S. have greatly benefited from the ability to seamlessly purchase BTC with their fiat and send it to their private wallets.
Libra takes on a frightening stance, and according to Dorsey, the system doesn’t need a cryptocurrency to make it work. This is a corporate-led push in a particular direction that doesn’t align with the Twitter chief’s personal beliefs.
Let’s put aside the fact that Facebook and Twitter are the only two massive conglomerates vying for user growth and market share in the social media space for a second. Other than business competition, what hinders Twitter for joining Libra?
The key to understanding this is looking at the members of the association.