Jack Dorsey, the CEO of Twitter and Square, recently said “hell no” to the possibility of backing Facebook’s crypto project, Libra. But that didn’t stop him from exploring his life-long interest in the crypto world. This comes just before he openly backed another cryptocurrency startup.
Dorsey, a longtime Bitcoin advocate, participated in CoinList’s $10 million funding round, alongside several other investors. If you don’t know, CoinList is a company that helps startups raise money through token sales.
The cash raised at the funding round is then reportedly meant to a new cryptocurrency wallet and exchange platform. Despite his long known interest, this is the first time Jack invests in the company.
This comes months after he personally promised to help Bitcoin when it was at its bad times months ago. He said he would pay developers to work full-time on Bitcoin Core and other “cryptocurrency ecosystem” projects. This then made him one of the most popular personalities in the crypto world earning the title “Bitcoin hero”.
Before and even after that, he went on to speak about why Bitcoin is so important as a digital currency in the world economy.
[Bitcoin] is something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet.
But what raises eyebrows a little is why all this comes just days after he immediately responded with a big no to backing Libra. Facebook has not been at its best for the past few months. But you’ve got to admit that having a global tech leader like Dorsey would really be of help.
According to Jack Dorsey, Facebook has it all wrong with their intentions for creating and launching Libra. Unlike Bitcoin, Libra isn’t “an internet open standard that was born on the internet”. “It was born out of a company’s intention”. And with that, he does not believe it is consistent with what he wants his company to stand for.”
So, in short, he just doesn’t like what Facebook has cooking in the kitchen.