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Former Twitter Inc. (NASDAQ:TWTR) CEO Jack Dorsey mentioned he believes Bitcoin (CRYPTO: BTC) will substitute 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 sequence of tweets despatched this week. When rapper Cardi B requested him if crypto will substitute the greenback, he said that “Bitcoin will.”
This assertion mustn’t come as a shock provided that he has hardly ever been shy of expressing his stances on how Bitcoin ought to be held in larger regard than different cryptocurrencies — which resulted in him being usually described as a Bitcoin maximalist.
Dorsey lately even mentioned that if he was not working at Block Inc. (NYSE:SQ) — the bitcoin-friendly monetary providers agency beforehand often known as Sq. — or Twitter (the place he lately resigned), he “can be engaged on Bitcoin.” He added:
“If it wanted extra assist than Sq. and Twitter, I’d go away them for Bitcoin.”
On Tuesday Dorsey mentioned he prefers Bitcoin to Ethereum as a result of it’s “vital we focus our vitality on actually safe and resilient applied sciences owned by the mass of individuals, not people or establishments. Solely that basis will present for the purposes you allude to.”
This was a solution to Andreessen Horowitz associate Chris Dixon suggesting that he ought to work with Ethereum and different blockchains.
Dorsey is a believer in Bitcoin with its uncompromising method 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 will not be good for Dorsey, who needs as a substitute Bitcoin to appreciate its full democratization potential.
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