Twitter founder Jack Dorsey said the Meta crypto project, Diem, was a “waste of energy and time” and that it should focus its efforts on “making Bitcoin affordable.”
Michael Saylor, CEO of MicroStrategy, interviewed Dorsey at the company’s “Bitcoin for Enterprises 2022” conference on Tuesday about how companies can integrate and use Bitcoin (BTC).
Dorsey said that while Facebook may have launched Diem “for the right reasons,” it should have used an open protocol like Bitcoin rather than trying to create its own currency.
“The whole thing with Libra and then with Dem, I think there’s a lot to learn from this,” said Dorsey Saylor. “I hope they learned a lot, but I think a lot of time and effort was put into it.”
His criticism of Twitter’s most popular and successful social media counterpart may come as no surprise. After stepping down as Twitter CEO in November last year, Dorsey made it clear that he plans to make Bitcoin the centerpiece of his new company, Block (formerly Square). Block allows users to buy bitcoins through the Cash app’s mobile payment service.
“These two or three years, or ever, could be used to make Bitcoin more accessible to more people around the world.”
Dorsey added that the increased availability of BTC will also benefit many Meta products, especially Facebook Messenger, Instagram and WhatsApp.
“Now we have this open network. And it’s useful. It’s not for everyone, but it’s useful. The easier it is to do it, the faster we can do it, the more accessible it will be, it will improve everything, including everything that Facebook is intended to do.” to do with the scales.”
In 2019, Facebook (now known as Meta Platforms) released a technical document for Libra, a long-awaited financial infrastructure project based on the cryptocurrency. However, due to a number of regulatory hurdles and poor publicity that forced the project to be renamed Diem in December 2020, it was eventually closed prematurely.
Related: Diem Zuckerberg reportedly weighing sales after stablecoin plans derailed
Meta officially announced Monday that it will sell Diem’s intellectual property and other assets to Silvergate Capital Corporation for a total of $182 million, and will officially turn the ropes on Tuesday.
On January 12, an update to the Cash app integrated the Bitcoin Lightning network, enabling faster and cheaper BTC transfers using the Layer 2 payment protocol.