Bitcoin Maxi Jack Dorsey Disses ETH Despite Twitter Using Ethereum
Despite the tech entrepreneur’s company today announcing it is making use of Ethereum for its line of NFTs, Dorsey is still loyal to Bitcoin—and only Bitcoin.
Twitter CEO Jack Dorsey has again shown his fierce loyalty to BitcoinBitcoin by seemingly slating Ethereum—despite his own company apparently finding value in the market’s second-biggest cryptocurrency.
Twitter today dropped its own collection of non-fungible tokens (NFTs). NFTs are unique digital tokens, mostly created via the EthereumEthereum network, that can represent just about anything online, such as artwork, audio or video content.
The 140 Twitter NFTs released today mostly represent moving images of the company’s logo. The social media platform said it would give them away for free but users can then put them up for sale on the Ethereum-based NFT marketplace, Rarible.
But despite the release of the Ethereum-based tokens, Dorsey, who is a proud Bitcoin maximalist (someone who only believes in the value Bitcoin and shuns all other altcoinsaltcoins, often referred to as “shitcoins”) said he would not be personally investing in Ethereum.
Following news of the Twitter NFTs, a self-described “developer and investor” named “packanimalETH” tweeted that it was “only a matter of time before” Dorsey invested in Ethereum.
The contradictory thinking of the CEO wasn’t lost on keen Twitter observers, such as Adam Cochran, partner at venture capital firm Cinneamhain Ventures: “With this level of mental gymnastics I'm surprised he won't be representing the US at the 2021 Olympics in Tokyo this year,” he joked.
Jack still being a BTC maxi while @Twitter prints Ethereum based NFTs on @rariblecom.
With this level of mental gymnastics I'm surprised he won't be representing the US at the 2021 Olympics in Tokyo this year... https://t.co/l1amwckP6n
This isn’t the first time Dorsey has made it clear he would only be putting his cash in Bitcoin, the largest cryptocurrency by market cap. “All of the other coins, for me, don’t factor in at all,” Dorsey told the attendees of a Bitcoin conference in Miami earlier this month. He remains intent on making Bitcoin “the native currency for the internet,” he said, and wants nothing to do with any other cryptocurrencies or their associated networks.
Strangely, however, Dorsey himself only in March sold his first-ever tweet as an NFT for $2.9 million in Ethereum. (Though he said he immediately converted those funds to Bitcoin before donating them to charity.)
The CEO, who also runs Square, a crypto-friendly digital payments company that has spent $220 million on Bitcoin in the past year, has also hinted at the various ways he plans to use “blockchain” to improve his businesses.
Twitter and Square CEO Jack Dorsey is a dyed-in-the-wool Bitcoiner—a man who has described the cryptocurrency whitepaper as “poetry,” who has a Bitcoin clock in his home, and has donated ample funds to accelerate Bitcoin adoption and development.
Today, at the Bitcoin 2021 conference in Miami, he doubled down on that love. During a nearly 30-minute fireside chat with the Human Rights Foundation’s Alex Gladstein, Dorsey delivered platitudes about the coin, stating, “Bitcoin absolutely changes eve...
Earlier this week, for example, Dorsey said Square, which has a majority stake in Jay-Z’s streaming service, Tidal, was toying with the idea of bringing NTFs to the music industry. “The spirit of what NFTs represent, the spirit of just looking critically at how artists are compensated, and of proving that, is something that we want to spend a lot of time and a lot of our focus on going forward,” he said during a Twitter Spaces discussion.
Dorsey has also said that he wants to use blockchain to “decentralize” Twitter through an initiative called Blue Sky. But how Dorsey plans to accomplish this all with just Bitcoin remains a mystery.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Minutes after President Donald Trump signed the GENIUS Act into law, the CEOs of the world’s two largest stablecoin issuers laid out their plans for complying with the landmark legislation, with each making the case that their own company is better suited to America’s new regulatory landscape.
Paolo Ardoino, CEO of Tether, the world’s top stablecoin issuer, told Decrypt Friday his company intends to make sure USDT—its flagship dollar-pegged token—complies with the GENIUS Act’s regime for foreign...
Charles Schwab would like to issue its own stablecoin, its CEO Rick Wurster told analysts in an earnings call Friday, adding the firm to a growing list of traditional finance giants exploring the tokens as the U.S. prepares to enshrine stablecoin regulation into law.
"Stablecoins are likely to play a role in transacting on blockchains and that's something we do want to be able to offer,” Wurster said.
The executive's comment on offering a dollar-pegged token comes as Schwab aims to deepen its...
Bitcoin treasury giant Strategy has always been coy about naming its BTC custodians. But people outside the firm do know who they are.
For starters, Strategy has repeatedly cited its “various custody arrangements”—there is no one exclusive custodian that’s holding onto its nearly $72 billion worth of BTC on the company’s behalf. A spokesperson for Coinbase confirmed it is one of Strategy's custodians when asked by Decrypt—but stressed that MSTR has previously named Coinbase as one of its custodi...