Founder and CEO of Twitter and Square, Jack Dorsey in an interview to The Sydney Morning Herald, said that he has no intention of issuing cryptocurrencies for Twitter or Square. Earlier in March this year, Jack announced on Twitter that Square is hiring crypto engineers and a designer to work on a project.
In his interview, Jack promoted the use of the leading cryptocurrency Bitcoin. He believes that Bitcoin is the best bet because the cryptocurrency has been most resilient and its been around for a decade and has a great brand. He further said that bitcoin has the highest probability among all the other cryptocurrencies for becoming the native currency of the internet.
Jack Dorsey was in Australia for the launch of the new payment device by Square. He complimented Australian authorities for having much better regulations on digital payments than the USA.
When asked about the global slowdown of the economy and a possible recession, Jack said that their business model is pretty robust to weather any storms and they are prepared for anything. He believes that no one on the planet truly understands the global economy, and we are always heading into a recession or coming out of one.
Some in the industry are of thinking that Jack had dropped the idea of issuing a cryptocurrency after seeing the intensity of regulatory scrutiny that Facebook is going through for its Libra project. According to a Financial Times report, some of the members of Libra Association are considering to back out from the project because of regulatory issues.