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Facebook Wasted Effort And Time’ on Diem Says Jack Dorsey

Former Twitter CEO Jack Dorsey attacked Facebook’s (Meta) now-failed cryptocurrency, claiming that it should have focused on BTC.

Former Twitter CEO Jack Dorsey was recently interviewed by Michael Saylor, CEO of software business MicroStrategy.

Saylor asked Dorsey during the interview how Bitcoin could help corporations and everyday people solve some fundamental problems, to which Dorsey responded that the internet having a native currency opens many doors for “internet companies, technology companies, but more importantly for everyday people, activists, people who have questions in the world, curiosity, and recognising that the currency systems just aren’t working for them.”

 

Dorsey, who quit Twitter last year to focus on Bitcoin, stated that Facebook, which recently renamed to “Meta,” should have focused its efforts on “making Bitcoin more accessible for more people across the world” rather than “developing its own money.”

 

“The internet having a native currency for itself opens so many doors: especially for internet companies, technology companies, but more importantly for everyday people, activists, people who have questions in the world, curiosity, and recognizing that the currency systems just aren’t working for them,” said Dorsey.

 

For two years, Meta worked on creating its own stable coin, which was initially called Libra before being renamed Diem. Regulators were skeptical of the initiative, and it ran into a slew of additional issues, leading Meta to sell its $200 million stake in Diem to Silvergate Capital.