In one corner: Twitter co-founder and CEO Jack Dorsey. On the other end: Facebook co-founder and CEO Mark Zuckerberg. The prize money is the future of money and their respective weapons are Bitcoin and Libra.
Who will win?
Encryption support has been split, with one team fighting for central management through projects such as Facebook lib [+] libra and the other working for decentralized management with bitcoin.
While the monetary situation of social media is not that clear, so is Dorsey As much as Zuckerberg appeared as champions of two similar but opposite ideas, where the internet needs its own currency, he sees it as centralized management via Facebook, while the other sees it as decentralized, via bitcoin.
Zuckerberg seems to have lost the first round. His libra project, a name-only cryptocurrency run by an independent but shrinking group of companies, runs from governments and regulators around the world, many of whom were already worried that Facebook was over-influencing the media community to take over central bankers.
"I think this is something that needs to be created," Zuckerberg told U.S. Senators last week, defending Facebook's involvement in the controversial libra project, arguing that the libra could bring millions, if not billions, of financial maturity. , people all over the world.
Zuckerberg also warned that the USA could be behind other countries if lawmakers move to block the development of libra and similar digital money projects.
Meanwhile, Dorsey is seeing their prayers heard, with bitcoin pricing making a somewhat miraculous rebound last week, with many fearing it would hit as low as March.
Dorsey has also made headlines this week as he joins a group of investors putting a total of $ 10 million into CoinList, a US-based company that is helping other startups raise money through digital signage sales.
However, innovation and adoption of bitcoin have failed to live up to expectations with their prices still underestimated and their primary user being the purchase of illicit substances and services in the Dark web.
Bitcoin trading volume among the top ten largest speculative and cryptographic stocks fell below $ 200 million earlier this month, according to Bitcoin and Crypto Data Messari, 20 times higher than 4 dollars a day a few months ago.
"In all encryption areas, the volume is very low," eToro senior analyst Mati Greenspan said in a Twitter post, raising industry concerns.
Dorsey wants to see this change and expects bitcoin to become what he calls "the first local currency on the Internet" and is able to make that change through his two companies, Twitter micro-blogging platform and payment platform. Square.
When asked last week whether he was open to participating in Facebook's Libra program, Dorsey responded with an emphatic: "Nothing", accusing Libra of being open-based template.
"It was born out of the intention of a company and it is not in line with what I personally believe and what I want the company ", said Dorsey, speaking at an event on New York Twitter.
And Dorsey is not just words. Launch it Crypto Square earlier this year, a segment of Square will focus on developing the bitcoin network, hiring Matt Corallo in August, along with three other developers software by GoogleThe Lightning Labs and Facebook.
"The creation of [bitcoin] was very clear and focused on a public good rather than a specific agenda," Dorsey said.
Jack Dorsey, the CEO of Twitter and Square, has previously spoken out in support of bitcoin and opposed Facebook's libra plans.
In a sign that the gap between the two social media companies is widening, Dorsey has revealed that Twitter will ban all political advertising worldwide, pitting the company against acceptance by Facebook - something that could be a major issue. addressed to American presidential elections.
The fight for digital monetary freedom could turn into a broader battle for the future of the Internet.