Jack Dorsey Is Skeptical About Ethereum‘s Ability To Dominate The Traditional Market In The Same Way That Bitcoin Did

Jack Dorsey, the billionaire internet entrepreneur and CEO of Square and Twitter, is well-known in the cryptocurrency field as a Bitcoin maximalist and has declared as much publicly.

He is a Bitcoin maximalist who disregards all other blockchain networks in favour of Bitcoin. His latest comment on Ethereum, the second-largest cryptocurrency by market capitalisation, reaffirmed this.

However, one cannot deny that the Ethereum network is a significant player in the cryptocurrency market. The network, which was created with the goal of extending the utility of blockchain technology beyond its use as a store of value or a fiat currency substitute like Bitcoin, but as a decentralised runtime environment for developing and operating smart contracts, also known as decentralised applications (DApps), has largely accomplished that goal thus far, as it is currently the largest marketplace for developing DApps.

There are already over 1,000 apps for the Ethereum blockchain listed in the platform's primary application repository, including financial, arts and collectibles, gaming, and technology-related applications, with more being developed.

While many participants in the cryptocurrency market view these as major selling points for Ethereum, critics remain constant, and Jack Dorsey is one of them.

Dorsey recently expressed scepticism about Ethereum's ability to disrupt the "giant tech" industry in a tweet. In response to a tweet by Ethereum proponent and mathematician "Cory.eth" alleging that big tech [including Twitter] was afraid of Ethereum because it disrupted their industry, Dorsey stated that, while the big tech industry was in desperate need of disruption, Ethereum alone was not going to bring it about.

Notably, the topic was initiated by a statement he made on another tweet concerning the prospect of connecting Twitter accounts to blockchains and authenticating their authenticity using non-transferable tokens. Dorsey claimed that he agreed with the concept, but that the only blockchain he considered was Bitcoin, as the accounts would prefer to connect to the blockchain via the lightning network.

“Disrupting "Big Tech" is just what is required and desired. However, no single technology will accomplish that.”

Dorsey has long been interested in Bitcoin, therefore the community is unsurprised by his attitude. He has now clarified his antipathy towards other networks, noting that he did not inherently despise them but had picked Bitcoin as his focal point.

“Focus on one item does not imply contempt for the others. I've expressed my reservations about other cryptocurrencies in compared to Bitcoin. The founding values, security, and centralisation are critical,” he added in a subsequent tweet.

While there is some doubt about the Ethereum network, the network has grown significantly over the years and is continually evolving to accomplish its objectives. One certain evidence of this is the network's progress towards its ETH 2.0 upgrade – a potential game changer – which will convert it to a proof-of-stake network, removing highly inefficient miners from its ecosystem, as well as the scaling solutions it aims to adopt as part of the upgrade.

Despite this, many market participants, including Reddit co-founder Alexis Ohanian, appear to believe in Ether. Musk and Alexis Ohanian both admitted to holding Ether. The former even acknowledged that his Ether holdings were the highest in his cryptocurrency portfolio, showing that both players believe in Ethereum's future.

Support us!