Does Twitter CEO Jack Dorsey Hate Ethereum?
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Twitter’s Jack Dorsey is a well-known Bitcoin (BTC) maximalist, someone who favors Bitcoin over all other cryptos. But his love for the main cryptocurrency – as well as a few of his tweets – have sparked speculation that he also hates Bitcoin’s little sister, Ethereum (ETH).
Why Dorsey loves Bitcoin
Dorsey sees Bitcoin as the future native currency of the Internet and believes that the main cryptocurrency will play an important role in the future of Twitter.
It is pushing Bitcoin’s Layer 2 Lightning Network as a solution to Bitcoin’s slow processing times and other issues. Layer 2 solutions are added to existing blockchains to improve them, often making them faster and cheaper. Twitter plans to use the Lightning Network to allow users to tip Bitcoin through its TipJar.
Why Ethereum enthusiasts think Jack Dorsey hates ETH
Sadly, Dorsey’s unique love for Bitcoin has offended the wider altcoin community, especially Ethereum followers. It’s hard to know if there is more, but here are the main reasons Ethereum junkies are rising up:
1. He said he would never buy Ethereum
In response to Twitter speculation that it was only a matter of time before Dorsey bought Ethereum, the Bitcoin fanatic hit back with a simple “No.” And Decrypt reported that the CEO told the Bitcoin Miami conference earlier this year: “All other coins, for me, are not taken into account at all.”
Dorsey is also CEO of Square, the company behind the Cash App digital wallet. Cash App users can make payments and even buy stocks from within the app. Unsurprisingly, the only crypto available on the app is Bitcoin.
2. He promoted a tweet suggesting Ethereum is a scam.
This is the crux of the accusations that Dorsey hates Ethereum. Last month, Dorsey used a screenshot to promote a new service called Vicariously that creates Twitter lists based on other people’s followers. Dorsey’s image featured an anti-Ethereum tweet from a user called grublés, suggesting that Ethereum is a scam. Dorsey compounded the problem by responding to the suggestion that it was a coincidence with the words “There are no coincidences”.
His use of Ethereum’s ticker, #ETH, to congratulate Ethiopia on its performance at the Olympics has sparked further outrage. But the ETH code has been used by both the country and the Olympics for much longer than Ethereum even exists. By this logic, one could be forgiven for thinking that Ethiopia should criticize Ethereum for appropriating its code.
So what is Dorsey’s position on Ethereum?
For starters, Dorsey isn’t so much against the second largest cryptocurrency that he won’t be using his network at all. Unlike Bitcoin, Ethereum can execute smart contracts – tiny pieces of code that live on the blockchain. These power, among other things, non-fungible tokens (NFTs), which are unique digital collectibles where ownership and copyright information is programmed into the token.
Earlier this year, Dorsey sold an NFT of the very first tweet on the popular social network for $ 2.9 million. He converted the proceeds to Bitcoin and then donated the money to GiveDirectly’s Africa Response Fund for COVID-19 relief.
In June, Twitter also posted its own collection of 140 NFTs that had been minted on the Ethereum blockchain. The NFTs were handed over to Twitter users, some of whom then sold them for up to 72 ETH (worth around $ 220,000 at the time of writing).
Most importantly, Dorsey is simply more interested in Bitcoin. On August 12, he tweeted: “To focus on one thing is not to hate others. I have made known my concerns about others about Bitcoin. The main ones are founding principles, security and centralization. “
As investors, we are constantly choosing one product over another – which cryptocurrency exchange we want to use from, which cryptocurrencies we want to buy from. It seems a little unfair to criticize Dorsey for doing the same.
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Emma Newbery owns Bitcoin and Ethereum.
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