Twitter (NYSE: TWTR), Square (NYSE: SQ) – Why Jack Dorsey Sees Bitcoin As The Answer To Donald Trump’s Ban Conflict

Twitter Inc. (NYSE: TWTR) a Square Inc. CEO (NYSE: SQ) Jack Dorsey said Wednesday that he sees Bitcoin (BTC) and an open decentralized standard for social media as a solution for a handful of companies that manage the internet conversation.

Justifies Trump’s ban: Dorsey said that while he “did not celebrate or feel pride in having to ban” President Donald Trump leaving from Twitter, he believed it was the right decision to take.

“We faced an unusual and unsustainable circumstance, forcing us to focus all our actions on public safety,” said the billionaire entrepreneur. “Offline harm from online speech is clearly real, and what drives our policy and enforcement above all.”

Dangerous precedent: Dorsey said while Trump’s ban is justified, de-platforming such consumers sets a “dangerous” precedent and highlights “the power an individual or corporation has over part of the global public conversation.”

While individuals or entities may always choose a different platform to voice their opinions, Dorsey seemed to suggest Big Tech’s action against Parler’s social media platform last week to figure out how this doesn’t always play out.

Parler was barred from accessing products and services Amazon.com Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), a Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG), which forced it to effectively close its operations.

“I don’t think this is coordinated. More likely: companies came to their own conclusions or were affected by other actions, ”says Dorsey.

Meanwhile, Trump is permanently banned by Snap Inc. (NYSE: SNAP) and its accounts are temporarily restricted by Facebook Inc. (NASDAQ: FB), Instagram, and YouTube.

Bitcoin As The Answer: As Dorsey pointed out the need to ensure that we do not “erode open and free global internet,” he said he was particularly passionate about Bitcoin (BTC) because of the “model it shows.”

“Basic internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be, ”said Twitter’s CEO.

Dorsey noted his company’s efforts to develop a decentralized standard for social media to overcome the problem of policy enforcement.

“This will take time to build. We are in the process of interviewing and hiring people, looking at both starting a standard from scratch or contributing to something that already exists, ”said Twitter’s CEO.

“Whatever the ultimate direction, we will do this work entirely through public transparency.”

Operating Prices: Twitter shares closed 0.38% higher at $ 47.22 on Thursday and added another 0.3% gain in the after-hours.

See also: Why Jack Dorsey A Square Opposes FinCEN’s Proposed Emergency Rules

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