Vitalik Buterin, co-founder of Ethereum, has said during an interview with Bloomberg he does not believe Facebook’s and Twitter’s projects to integrate digital currencies will succeed.
Buterin believes the plans of Twitter CEO Jack Dorsey and payments company Square, which aim to introduce Bitcoin into new services, could end up failing because the currency “doesn’t have the functionality” needed to work with decentralized finance, unlike Ethereum.
Square announced last July it has plans to launch a decentralized services platform focused on BTC. In addition, Dorsey has also said he plans to integrate Bitcoin into Twitter.
As for Diem, Facebook’s digital currency, Buterin believes it will fail because there is a “great distrust” about the company.
In addition, Buterin believes BTC will not be able to replace the dollar in the next few years. According to him, it will be other assets such as decentralized stablecoins that will do so.