When asked if he ever considers joining the Libra Association, Jack Dorsey, the chief executive officer of Twitter gave a resounding “hell no.”
Facebook Libra has raised a ton of dust since its announcement, and somehow it keeps finding its way into major headlines across the globe. The highly criticized virtual coin is now being disassociated from Facebook (maybe a bid to save it from the standing credibility troubles of Facebook).
During the last congressional hearing about Libra, Facebook’s boss Mark Zuckerberg continuously stressed that the Libra Association is independent of Facebook. Nonetheless, the sitting lawmakers as well as the general public, are yet to be convinced beyond a doubt that that will actually be the case, especially with the major role Facebook tends to play in the ambitious cryptocurrency project.
Weighing in on the matter, Twitter’s CEO Dorsey expressed his bewilderment on the path Facebook chose to follow. Dorsey noted that unless it is a gimmick, a crypto coin wasn’t really necessary. “I don’t know if it’s a gimmick, but a cryptocurrency wasn’t necessary to make that work.”
Dorsey further added:
“It’s not an internet open standard that was born on the internet. It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”
Dorsey obviously appreciates the idea of democratizing the financial system but do not think Facebook has to introduce a crypto coin to do so.
Speaking at the Twitter media event in New York City, Dorsey went further to express his support for decentralized virtual currencies. As a matter of fact, he likened the internet to a nation-state and opined that virtual currencies are a key part of this international online community.
“I think the internet is somewhat of an emerging nation-state in almost every way,” he explained. “It almost has a currency now in the form of cryptocurrency and bitcoin.”
With the amount of pull Facebook’s digital coin is expected to have on both the digital and traditional financial world, it is only normal to see a ton of partners rallying around it. However, that hasn’t been the case in a while. To make matters worse, the Libra Association has lost top partners including MasterCard, Stripe, Visa, and other major U.S. payment processors. I guess the longer the saga lasts, the more partners they get to lose.
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