Jack Dorsey: Diem was a waste of time. Meta should’ve focused on BTC

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Jack Dorsey, in his recent statement, said that although Facebook probably started Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency.

Twitter founder Jack Dorsey in his recent statement, said that Meta’s failed cryptocurrency project. According to Dorsey,  it was a “wasted effort and time,”. It should have focused its efforts on “making Bitcoin more accessible for everyone.”

On Tuesday, MicroStrategy CEO Michael Saylor interviewed Dorsey at his company’s “Bitcoin for Corporations 2022”. The main topic was about how corporations could integrate and use Bitcoin (BTC).

Moreover, Dorsey said that although Facebook probably started Diem for “the right reasons. It should’ve used an open-ended protocol like Bitcoin. It wasn’t a good idea to create its own currency.

Jack Dorsey’s criticism of Twitter’s more popular and successful social media counterpart should perhaps come as no surprise. After stepping out of his role Jack Dorsey in November last year has plans to make Bitcoin the focus of his new company. The company name is Block (previously known as Square.) Further, the company allows users to purchase Bitcoin through a mobile payments service, Cash App.

Moreover, in 2019, Facebook (now branded as Meta Platforms) released the white paper for Libra. Basically, Libra is on the list of the most awaiting list of crypto-based financial infrastructure projects today. However, following a slew of regulatory hurdles and bad PR that forced the project to rebrand to Diem in Dec 2020, it ultimately came to an untimely end.

In addition, Meta announced it would sell Diem’s intellectual property and other assets to Silvergate Capital Corporation on Jan 31, 2022. They would sell it for the aggregate value of $182 million, officially handing over the ropes yesterday on Feb 1.

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