Bitcoin ‘not functional as a currency’, Jack Dorsey
Bitcoin is set for wider adoption but it is still too early to consider it a currency, according to Twitter and Square boss Jack Dorsey.
In an interview with the Australian Financial Review, he said: "It's not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it's not there yet."
Once crypto becomes the currency of the internet, Square will focus more on services that add value rather than those that enable money to be moved around, he added.
You’ve been hacked
Late last month, Twitter launched an investigation after Dorsey had his account hacked and racist tweets were posted.
The messages – which included false reports of a bomb threat at Twitter HQ and defences of Adolf Hitler – were quickly deleted from the social media platform. Many of them included references to The Chuckling Squad, a group of hackers believed to be behind the incident.
“We’re aware that @jack was compromised and [are] investigating what happened,” Twitter said in a statement. “The account is now secure, and there is no indication that our systems have been compromised.”
“The phone number associated with the account was compromised due to a security oversight by the mobile provider,” it added. “This allowed an unauthorised person to compose and send tweets via text message from the phone number. That issue is now resolved.”
The incident followed on from Twitter and Dorsey’s promise to improve the health of discourse on the social network by cracking down on hate speech and abuse.