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Twitter will not Join the Project Libra: CEO Jack Dorsey

jack dorsey

The CEO of Twitter and Square, Jack Dorsey has been very vocal in his opinions on Facebook’s Libra.

In a recent interview, he has said that Twitter would never join Libra.

Twitter to Stay Far Away From Libra

In a Twitter event held at their New York offices, editor of the Hollywood Reporter Alex Weprin live-tweeted from the event.

Weprin said that Dorsey had made it extremely clear that Twitter would completely disassociate itself from Facebook’s Libra Stablecoin.

Libra Stablecoin is due to launch in 2020 and when asked whether Twitter specifically would get involved in any way Dorsey answered no.

He went on to say that Nothing within Libra alluded to it having to be a cryptocurrency to do what it was setting out to do.

Mark Zuckerberg, the CEO of Facebook made a speech at Georgetown University recently which was widely covered.

In response to the speech, Dorsey said that Zuckerberg’s ideologies seem to be based on a deep American tradition.

The speech highlighted the U.S.’s constitutional right to freedom of speech, the role of tech platforms and censorship laws. Zuckerberg also directly criticized China’s tech development, specifically its approach to tech.

Dorsey addressed these issues saying that Twitter serves a global audience not a purely American audience.

He said that he was apprehensive about placing too much faith in one concept and that it would hinder Twitter’s ability to experiment and grow.

Bitcoin Favored

This is not the first time Dorsey has spoken out about Facebook’s Libra though. Some time ago he said that a Twitter based cryptocurrency would not happen, opting to rather use Bitcoin.

He said that Bitcoin is, in his opinion, the best call for Twitter. Dorsey is insistent that the currency is resilient and reliant with a history of 10 solid years behind it.

Bitcoin in his opinion is a superior company, being tried and tested more than any others.

According to Dorsey, if Twitter moved in the direction of a cryptocurrency, Bitcoin would be a high possibility as a currency for Twitter to use.

Twitter’s Woes

Recently Twitter has experienced some financial woes with problems arising on their platform.

Changes are being put into place to combat the problem of information being shared even after the opt-out option has been selected.

As a result, advertising has to a large extent been pulled from Twitter causing a drop in Twitter’s profits. Analysts have been tracking Twitter’s financials anticipating a financial rebound.

Having said that, nothing solid has been put in place as yet to correct the issues on the platform. A strong indicator that cryptocurrency is a long way off from being instituted on Twitter.

In the meantime, Dorsey remains steadfast in his opinions on Libra. Twitter will not be associated with Facebook’s Libra ever and that, according to Dorsey is final.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.