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Twitter CEO Jack Dorsey keeps saying ‘no’ to Ethereum

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Twitter CEO Jack Dorsey confirmed that he still doesn’t consider any cryptocurrency other than Bitcoin as an investment asset. Even while his own company uses the Ethereum blockchain to issue non-fungible tokens.

NFTs are unique digital tokens, mostly created through the Ethereum network, that can represent almost anything on the Internet, such as artwork, audio or video content.

Recently it became known that the social network Twitter organized a free distribution of 140 thematic NFTs on the Ethereum blockchain. The 140 NFT Twitter posts released are mostly moving images of the company logo. The social media platform said it would give them away for free. But then users can list them up for sale on the Ethereum-based NFT platform Rarible.

This gave some users reason to believe that Dorsey could invest in ether, and “it’s only a matter of time”. However, he denied this assumption, answering a laconic “No”.

This is not the first time the CEO of Twitter has stated its unequivocal position on cryptocurrency investments.

“I don’t take all other cryptocurrencies into account at all”, he said at the recent Bitcoin 2021 conference in Miami. Thus, he once again made it clear that he does not want to have anything to do with other cryptocurrencies or related networks.

Dorsey uses Ethereum

Dorsey himself has also used the Ethereum blockchain in the past to issue his own NFT based on the first tweet and then sell it. Although he said he immediately converted those funds into bitcoins.

His payments company Square is focused on bitcoin, but plans to use blockchain to expand its business. In addition, Dorsey intends to use the blockchain in his Blue Sky initiative to decentralize Twitter.

Bitcoin or Ethereum

Cryptocurrency enthusiasts criticized Dorsey for remaining a “Bitcoin maximalist” while using the Ethereum blockchain.

However, he continues to argue that it is BTC that will become the “single currency of the Internet”. He has adhered to this position at least since 2018. However, a few Bitcoin proponents are beginning to believe that Ether can become the largest cryptocurrency. It means taking the place of Bitcoin, overtaking it in market capitalization.

So, Galaxy Digital CEO Mike Novogratz, in a conversation with Bloomberg, said that ether could potentially compete with Bitcoin for the place of the first cryptocurrency.

As a justification, he pointed to “very different applications” of Bitcoin and Ether. Bitcoin is a “well-designed” store of value, while Ethereum has the potential to become the base layer of a distributed internet, he added. At the same time, Novogratz acknowledged that Ethereum is experiencing stiff competition from alternative smart contract platforms. Either way, he expects developments on Ethereum or other blockchains to exceed expectations over the next five years.

As a reminder, Dorsey is partnering with ARK Invest and Paradigm to launch an educational seminar for various institutions this month to raise their bitcoin awareness.

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