Bitcoin Purist Jack Dorsey Was Once Accused of 'Ethereum Hate,' He Made It Clear That 'Focus On One Thing' Isn't The Same As Disdain For The Others

Jack Dorsey, co-founder of Bitcoin BTC/USD-focused firm Block, Inc. XYZ, has openly criticized Ethereum ETH/USD, although he has refused to label it as “hate” for the second-largest cryptocurrency.

What happened: In response to accusations of “Ethereum hate” in August 2021 on Twitter, now X, Dorsey clarified that focusing on Bitcoin should not be construed as hatred toward Ethereum.

"I've made my concerns known about others in comparison to Bitcoin. Key ones are founding principles, security, and centralization," Dorsey said.

Focus on one thing isn't hate of the others. I've made my concerns known about others in comparison to Bitcoin. Key ones are founding principles, security, and centralization.
— jack (@jack) August 12, 2021

Why It Matters: Dorsey has also been critical of Ethereum in the past, warning that it "has many single points of failure" and calling Ethereum-based projects "not interesting."

In fact, when one user asked him whether ETH is a security, he replied, "Yes."

During the 2021 Bitcoin conference in Miami, Dorsey reaffirmed his company’s Bitcoin-only approach, stating that "all of the other coins, for me, don’t factor in at all."

"The conditions that created Bitcoin, everything that went into it, from the proof-of-work model, to the development model, no single points of failure… there’s nothing else that compares to it," Dorsey argued.

The Bitcoin maximalist has put his money where his mouth is. His firm Block lays a special emphasis on the apex cryptocurrency, with offerings like the ‘Bitcoin-only' Cash App digital wallet service, the self-custody Bitcoin wallet Bitkey and the Bitcoin mining product suite Proto.

Block is also one of the biggest corporate holders of Bitcoin, with a stash of 8,584 BTC, worth over $1 billion, as of this writing, according to Bitcoin Treasuries.

As shown in the table, Bitcoin has comprehensively beaten its junior sibling’s yearly returns. However, Ethereum has lately received significant institutional interest, with several Wall Street companies embracing it as a treasury reserve asset.

Cryptocurrency	YTD Gains +/-	1-Year Gains +/-	Price (Recorded at 8:15 p.m. ET)
Bitcoin	+27.26%	+77.99%	$118,858
Ethereum	+12.15%	+7.32%	$3,375.86

Price Action: Shares of Block rose 0.93% in after-hours trading after closing 1.52% lower at $79.27 during Tuesday’s regular trading session, according to data from Benzinga Pro.

The stock exhibited a very high growth score—a measure of the stock's combined historical expansion in earnings and revenue across multiple periods. How does it compare with other cryptocurrency-related stocks? Visit Benzinga Edge Stock Rankings and find out.