Twitter Inc. TWTR CEO Jack Dorsey, a big supporter of apex cryptocurrency Bitcoin BTC/USD, has pulled a Tesla Inc. TSLA CEO Elon Musk-style move as he continued to hit back at supporters of Ethereum ETH/USD.
What Happened: To a question by an Ethereum backer on why he hated the cryptocurrency, Dorsey answered that his concerns about cryptocurrencies other than BItcoin are their founding principles, security and centralization.
Focus on one thing isn’t hate of the others. I’ve made my concerns known about others in comparison to Bitcoin. Key ones are founding principles, security, and centralization.
— jack (@jack) August 12, 2021
Another Ethereum fan poked fun at Twitter and other large technology companies by saying that “Big Tech” is scared of Ethereum since it is a disruptor. Dorsey replied that Ethereum’s technology alone will not be able to disrupt “Big Tech.”
Disrupting “Big Tech” is exactly what’s needed and what I want.
— jack (@jack) August 12, 2021
No one technology alone will do that though.
When a Twitter user accused Dorsey of having “thrown shade” to the cryptocurrency more than once and said he believes Bitcoin can play a key role in decentralization, Dorsey responded by saying that decentralization is not an “end goal” for Bitcoin.
As have you on Bitcoin ;) decentralization isn’t an end goal tho, it’s just one method of fixing the money.
— jack (@jack) August 12, 2021
Dorsey also replied to another Twitter user that while Ethereum has value to many people, it does not have value for things he is focused on.
It has value to lots of people. Just not what I’m focused on.
— jack (@jack) August 12, 2021
See Also: Ethereum Trading Volume On Coinbase Outpaces Bitcoin For The First Time In Q2
Why It Matters: Dorsey’s trolling of Ethereum supporters is similar to the move by Musk in June, when he expressed his support for Dogecoin DOGE/USD and took a dig at Bitcoin supporters, including Dorsey. Musk is a big supporter of the meme cryptocurrency.
Musk had engaged in a feud with Bitcoin supporters in May too, after he seemed to signal that Tesla might dump the remainder of the bitcoins it held.
Dorsey is widely known to be a so-called “Bitcoin maximalist” and has refused to consider buying into Ethereum and other altcoins on several occasions.
Price Action: Twitter shares closed 0.8% lower in Thursday’s trading at $64.95.
Bitcoin is up 0.5% during the past 24 hours, trading at $45,354.13 at press time, while Ethereum is up 0.1% over the 24-hour period to $3,126.99.
Read Next:
Dogecoin, Bitcoin, Ethereum See Rally Pause But Cardano Sticks Its Head Above The Sea Of Red
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
