Jack Dorsey Explains Why He's Steered Clear of Ethereum
The Twitter CEO says that Ethereum has value, but that he has chosen to focus on Bitcoin.
Key Takeaways
- Twitter CEO Jack Dorsey has expressed his stance on Ethereum.
- Users recently suggested that Twitter was afraid to work with Ethereum because it could disrupt Big Tech.
- Dorsey said that Ethereum has some value, but that he and Twitter have decided to focus on Bitcoin.
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Twitter founder and CEO Jack Dorsey has expressed his stance on Ethereum after a long history of focusing on Bitcoin.
Dorsey Turns Down Twitter ETH Wallets
Recently, Twitter users suggested that site accounts should have an Ethereum wallet attached for NFT trading. One user more critically suggested that this would benefit Ethereum more than Twitter.
Dorsey sided with the Ethereum critic, writing: “Agreed.” He went on to imply that “every account on Twitter being able to link a Bitcoin Lightning wallet” is a more likely addition to the site. That idea, which has been under consideration since June, would allow Twitter users to send Bitcoin transactions with low fees.
His rejection of Ethereum led another user to accuse Twitter of fearing Bitcoin competitors. “Big Tech is scared of Ethereum; Ethereum disrupts Big Tech,” they wrote.
Twitter Is Focusing On Bitcoin
Dorsey then said that “no one technology alone” will disrupt Big Tech.
In response, another user asked: “Why the [Ethereum] hate then if there’s room for more than one piece to the puzzle?”
Dorsey argued that Twitter’s “focus on one thing isn’t [hatred] of the others.” He added that he has made his concerns known about non-Bitcoin blockchains, such as “founding principles, security, and centralization.” Dorsey did not elaborate on those principles, but he has repeatedly emphasized Bitcoin’s goal of serving as the native currency of the internet.
Elsewhere, he compromised by saying that Ethereum “has value to lots of people,” but that it is “just not what I’m focused on.”
Dorsey Doesn’t Hold Any ETH
Dorsey and Twitter have historically avoided handling Ethereum. In June, Dorsey stated that he would not invest in Ethereum, simply stating “no” when another used implied he would.
Additionally, Dorsey’s second company, the payments firm Square, only offers support for Bitcoin trading, not Ethereum trading.
However, it is clear that Dorsey is not entirely opposed to Ethereum. In May, he sold a digital version of his first tweet as an Ethereum-based NFT token and donated the proceeds to charity.
Twitter has also created a number of Ethereum-based NFTs via the minting and trading platform Rarible.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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