December 8, 2023

Jack Dorsey has no plans to invest in Ethereum

Twitter CEO Jack Dorsey confirmed that he is still not considering anycryptocurrencies other than bitcoin as investment assets, even at a time when his own company uses the Ethereum blockchain to issue non-fungible tokens.

Following yesterday's announcement of Twitter's NFT lineup, one user suggested that it was “only a matter of time” before Dorsey decides to invest in ETH.

"No," Dorsey replied.

This is not the first time the CEO of Twitter has stated its unequivocal position on cryptocurrency investments.

“I don’t take all other cryptocurrencies into account at all,” he said at the recent Bitcoin 2021 conference in Miami.

Dorsey himself has also used blockchain in the past.Ethereum to issue its own NFT based on the first tweet and then sell it. Its payments company Square is focused on bitcoin but plans to use blockchain to expand its business. In addition, Dorsey intends to use the blockchain in his Blue Sky initiative to decentralize Twitter.

Galaxy Digital CEO Mike Novogratz, meanwhile, in a conversation with Bloomberg said that ether could potentially compete with bitcoin for the place of the largest cryptocurrency.

"I think Ethereum is likely to be the second largest, or maybe one day the largest cryptocurrency," Novogratz said.

As a justification, he pointed to “veryvarious applications ”of bitcoin and ether. Bitcoin is a "well-designed" store of value, while Ethereum has the potential to become the underlying layer of a distributed internet, he added. At the same time, Novogratz acknowledged that Ethereum is experiencing stiff competition from alternative smart contract platforms. Either way, he expects developments on Ethereum or other blockchains to exceed expectations over the next five years.