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Cryptocurrency and Bitcoin Are Internet's National Currency: Twitter CEO Jack Dorsey

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  • Alex Dovbnya
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    Jack Dorsey says that the internet is now an emerging nation-state, and it already has its currency — Bitcoin

Cryptocurrency and Bitcoin Are Internet's National Currency: Twitter CEO Jack Dorsey
Cover image via www.forbes.com
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Twitter CEO Jack Dorsey has reiterated his idea that crypto and Bitcoin are the national currency of the Internet, Vanity Fair reports. 

“I think the internet is somewhat of an emerging nation-state in almost every way. [...] It almost has a currency now in the form of cryptocurrency and bitcoin.”

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Dorsey's Bitcoin bet

The eccentric Twitter boss has been quite a fan of Bitcoin for a long time. During an interview with The Times, he mentioned that Bitcoin could become a single global digital currency back in March 2018.   

Dorsey, whose net worth is estimated to be at $4.2 bln, most probably has impressive BTC holdings. Back in March, he revealed that he bought Trezor, a popular hardware wallet, in order to store his coins.

He relies on the dollar-cost averaging (DCA) investment strategy, patiently buying about $10,000 worth of BTC every single week.   

As reported by U.Today, Dorsey also hired full-time programmers to work on Square's crypto team and contribute to the Bitcoin ecosystem. Meanwhile, BTC remains the only available crypto option on his Cash App.       

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"Hell no" to Libra

When it comes to Libra, the controversial stablecoin that is linked to social media behemoth Facebook, Dorsey was much less enthusiastic.

 "It’s not an internet open standard that was born on the internet.”

Dorsey further adds that Libra was born out of the intention of a single company, and it's not consistent with his personal values. 

He also made it very clear that Twitter will not be part of the Libra Association, which continues to fall apart after the likes of Stripe, Mastercard, and PayPal decided to jump ship due to regulatory pressure. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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