Vitalik Buterin questions the prospects for Facebook and Jack Dorsey’s cryptocurrency ventures

Ethereum co-founder Vitalik Buterin has said he is sceptical about the prospects of Facebook and Twitter’s plans to integrate digital currencies. He said this in an interview with Bloomberg.

According to him, the plans of Twitter’s CEO Jack Dorsey and Square CEO to embed Bitcoin into new services may not work. He noted that Bitcoin “lacks the functionality” necessary for operating with decentralised finance, unlike Ethereum.

In July, Square announced an upcoming launch of a Bitcoin-focused platform for decentralized services. Later, Dorsey spoke about plans to integrate digital gold into Twitter.

Buterin also believes that Facebook’s (formerly Libra) Diem will not be successful because there is “a great deal of distrust” toward the company.

The Ethereum co-founder believes that Bitcoin will not be able to replace the dollar in the coming years:

“Even in the hypothetical collapse of the US dollar, I don’t think Bitcoin could provide the stability that businesses require.”

He suggested that the world would move to some other form of currency. He suggested these might be decentralized stablecoins.

Earlier, Ethereum co-founder said that DeFi projects require decentralised governance, but token voting in its current form poses numerous threats to the sector’s development.

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