Jack Dorsey, CEO of Block company and also the founder of Twitter, talked about Meta’s (Facebook) failed cryptocurrency project Diem.
Dorsey, Meta’s time and resources for Diem of bitcoin He claimed that spending on its development would be more beneficial for the company.
Speaking at the “Bitcoin for Companies” event he organized with Michael Saylor today, Dorsey said that Meta’s, formerly known as Libra cryptocurrency project Diem said it wasn’t “open” enough.
Diem was canceled and offered for sale by Meta as a failed attempt. Dorsey thinks Meta spends too much time directing people to their products, like Whatsapp or Instagram.
Jack Dorsey: “Whatsapp and Instagram would also benefit if they spent their resources on Bitcoin”
Jack Dorsey explained his thoughts on the subject as follows: “They tried to launch a currency owned by Facebook. They probably have good reasons of their own. But there is also varying evidence that this project was created to attract more and more people to the Facebook ecosystem.
Instead, they should have used an open and standard protocol like Bitcoin. I hope they have learned from their mistakes but they have expended a great deal of resources and time. Two or three years, I don’t know exactly how much, but Meta products like Instagram and Whatsapp would also benefit if that time was spent making Bitcoin more accessible to people globally.”