Jack Dorsey Deems Diem Project A Waste Of Time, Suggests Meta To Focus On Bitcoin

Jack Dorsey, the founder of Twitter, recently said that the project is a complete waste of effort and time. Dorey stated that such actions should have been directed positively by using Bitcoin, ensuring increased accessibility for everybody.

As the popularity of cryptocurrency increased, the crypto space also brought many advancement opportunities for companies, businesses, and individuals. As a result, different groups and people devised their purpose to plunge into the ecosystem of digital assets.

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While some are reaping with blockchain technology for improvement, some use virtual currencies to create wide accessibility.

Some are still building a solid community interaction with their customers using crypto assets. To some top global notable companies, prominent cryptocurrencies such as Bitcoin, Ethereum, and others became one of their acceptable payment and settlement options.

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Facebook was among the companies that ventured into the crypto space and created Diem, a crypto protocol.

Jack Dorsey was interviewed on Tuesday during a conference tagged ‘Bitcoin for Corporations 2022’ that focuses on integrating and using Bitcoin by corporations. Jack Dorsey stated that Facebook’s right intention to create Diem is notable in his speech.

However, using an open-ended crypto protocol like Bitcoin will have yielded more success than using its digital currency. The Twitter founder mentioned that the saga of Libra and subsequently Diem was a waste of time and effort. However, he stated that some lessons to grab from those experiences.

Following that, Facebook is a major most popular social media competitor won’t pose a surprise for Dorsey’s criticism.

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Having stepped down since November 2021 as the CEO of Twitter, Jack Dorsey had disclosed his intention of placing Bitcoin as the primary goal Block, his new company, which was formerly called Square. Currently, users can buy BTC on Block through Cash App, a mobile payment service.

Jack Dorsey Says Bitcoin Will Suppress Meta

Furthermore, Jack Dorsey included that Bitcoin being more accessible will rub off on other Meta’s products. He laid particular reference to Facebook Messenger, WhatsApp and Instagram. He said that the new network they currently have, though not accessible to all but is usable.

jack dorsey
BTC rises with impressive gains on the daily chart. Source: BTCUSD Tradingview

Moreover, he talked about the high speed and ease of using the platform. Hence, he said that would provide users with all Facebook had in mind with Libra.

Recall that Facebook (now Meta Platforms), in 2019, released Libra’s whitepaper. Libra has been Facebook’s financial infrastructure project that is based on cryptocurrency. The project was rebranded to Diem in 2020 due to several regulatory enforcements and bad PR. Despite all moves, the project has sadly ended.

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There’s an official announcement from Meta to sell the intellectual assets and other assets of Diem. On January 31, 2022, the sale was made to Silvergate Capital Corporation for $182 million. Also, the official hand-over took place on February 1.

Featured image from Pixabay, chart from TradingView.com

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