Billionaire technology entrepreneur and CEO of Square and Twitter, Jack Dorsey, is well known in the cryptocurrency community as a Bitcoin maximalist and he has openly stated so too.
He is one of the Bitcoin maximalists who does not give consideration to any other blockchain networks apart from Bitcoin. His recent comment on Ethereum, the second-largest market cap cryptocurrency, has reiterated this.
It cannot be denied, however, that the Ethereum network is also a big player in the cryptocurrency market. The network, that was built with the aim of making blockchain technology have much greater use than just being a store of value or a fiat currency replacement like Bitcoin, but as a decentralized runtime environment for building and operating smart contracts, also called decentralized applications (DApps), has largely achieved that so far, as it the currently the largest marketplace for building DApps.
There are already more than 1,000 applications for the Ethereum blockchain listed in its main app repository, including financial, arts, and collectibles, gaming, and technology-centric applications, and more are still being developed.
Many crypto-market participants see these as strong talking points for Ethereum, however, skeptics are still ever-present, and Jack Dorsey is one of them.
In a recent comment on Twitter, Dorsey has expressed skepticism on Ethereum’s ability to disrupt the “big tech” industry. Replying to a tweet by an Ethereum proponent and mathematician, “Cory.eth,” that alleged that big tech [including Twitter] was afraid of Ethereum as it disrupted their industry, Dorsey stated that, while the big tech industry was in need of disruption, Ethereum alone was not what was going to bring about the disruption.
Notably, the conversation was sparked by a comment he made on another tweet about the possibility of Twitter accounts being linked to blockchains and verifying authenticity with NFTs. Dorsey stated that he bought the idea, however, the only blockchain he was considering was Bitcoin, as the accounts would rather be able to connect to the blockchain via the lightning network.
“Disrupting “Big Tech” is exactly what’s needed and what I want. No one technology alone will do that though.”
Dorsey has always been interested in Bitcoin, so his stance comes as no surprise to the community. He has however cleared the air about his hostility to other networks, stating that he did not necessarily hate the other, but had chosen Bitcoin to be his focus.
“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,” he said in a follow-up tweet.
While there is skepticism for the Ethereum network, the network has had marked growth over the years and is still in the process of evolving to meet its goals. One sure indicator of this is the progress the network is making towards its ETH 2.0 upgrade – which is a possible game-changer – that will see it become a proof-of-stake network, shedding highly energy inefficient miners from its ecosystem, as well as, the scaling solutions it intends to implement with the upgrade.
Nonetheless, big-name market participants, including Reddit’s co-founder Alexis Ohanian seem to have faith in Ether. Musk and Alexis Ohanian, revealed they both hold Ether. The former even disclosed his Ether holdings were the largest in his crypto portfolio, implying that both players see a future in Ethereum.