The founder of Twitter, and the current CEO of Block, Jack Dorsey, has criticized Facebook’s Diem project. Dorsey has stated that the Diem project was “wasted effort and time.”
According to Dorsey, Facebook, which has since rebranded into Meta, should have focused on Bitcoin. Dorsey is a major proponent of Bitcoin. Dorsey is now the CEO of Block, a company whose efforts are dedicated to the Bitcoin ecosystem.
Dorsey says Meta should learn from Diem’s failures
Dorsey was speaking at the Bitcoin for Corporations 2022 conference organized by MicroStrategy. Michael Saylor, MicroStrategy’s CEO, asked Dorsey about how corporations should integrate Bitcoin.
Dorsey took the opportunity to address the Diem project. He noted that while Meta launched the project for the “right reasons,” they should have integrated an open-ended protocol such as Bitcoin, preventing the need to create its own digital currency.
He added that while the project could have provided many lessons to Facebook, there was “a lot of wasted time and effort.”
Dorsey urges Meta to focus on Bitcoin
Since leaving his role as Twitter’s CEO, Dorsey has worked on initiatives to promote the use of Bitcoin and grow the network’s ecosystem. While still at Twitter, Dorsey launched a Bitcoin tipping feature. Block, formerly Square, has also allowed users to buy Bitcoin through the CashApp mobile payments service.
While urging Meta to adopt Bitcoin, Dorsey opined,
We have this open network right now. And it’s usable. It’s not accessible to everyone, but it’s usable. The easier we make it, the faster we make it, the more approachable we make it. It’s going to better everything, including everything Facebook intended to do with Libra.
Meta first released its whitepaper on Libra in 2019. However, the project faced criticism from regulators globally, and despite rebranding the project into Diem, the company failed to sustain the project, ending in December 2020. On January 31, 2022, Meta announced that it was selling the intellectual property for Diem to Silvergate Capital for around $182 million. This will officially remove Meta from the crypto project as it advances its metaverse plans.
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