Twitter’s CEO, Jack Dorsey, has confirmed that he doesn’t intend to create a Twitter cryptocurrency. Dorsey has indicated that it is better to have an autonomous open-source digital currency such as Bitcoin instead of centralized cryptocurrencies.

No plans to have “TwitCoin”

Dorsey told The Sydney Morning Herald that open internet standards could serve everyone better than those controlled by companies. There has been speculation that Twitter might follow the footsteps of Facebook, which launched Libra, and unveil its own “TwitCoin.” However, the CEO has dispelled this rumor and voiced his support for Bitcoin as the currency of the internet. The speculation about “TwitCoin” resulted from the fact that Dorsey loves crypto.

The confirmation from Dorsey that there are no plans for the Twitter cryptocurrency is quite disappointing to crypto Twitter enthusiasts. The Twitter CEO made the statement when he was marketing his Square payment system. He backed Bitcoin, pointing out that it has been the most resilient crypto, and a great and tested brand. Dorsey said that of all cryptocurrencies, Bitcoin had a high chance of becoming a native currency for the internet.

Twitter not ready to compete with Bitcoin

In June, Facebook announced that it was launching its cryptocurrency, Libra. However, the project has faced opposition from various government regulators owing to Facebook’s damaged reputation. Facebook has endured negative press regarding the Libra project, and therefore, it isn’t unsurprising to see Twitter avoid that path. For Twitter is better to spectate and see how Libra works out.

Equally, the CEO of Square also owns Bitcoin and thus may not want to compete with BTC. Square sells BTC via its CashApp, and in the recent quarter, it made $125 million in revenue. Dorsey was in Australia to launch a Square terminal which is a payments device that will help businesses stop relying on hardware offered by banks.