Twitter co-founder Jack Dorsey believes Meta, the parent company of Facebook, should have focused on bitcoin instead of its stablecoin project Diem. Dorsey, at MicroStrategy’s Bitcoin for Corporations 2022 conference, described the Diem project as a failure. He said it led to a lot of wasted time.
Meta has sold the Diem stablecoin’s assets and intellectual property to Silvergate for $200 million to pay back to investors. The project had faced opposition from regulators, who feared that it would empower Facebook with more influence. The company suffered a setback in November 2021 when David Marcu, the crypto lead and co-founder of Diem, resigned.
Dorsey acknowledged that while Diem may have been started for the right reasons, it should have utilized an open-ended protocol like bitcoin. It shouldn’t have ventured off to create its own crypto. The Block CEO believes there are tons of lessons with Libra and then Diem. Dorsey hopes Meta has learned something from it but pointed out that a lot of time and effort has been wasted.
Being a crypto enthusiast, especially bitcoin, Dorsey has made it the heart of his company – Block. He wants to make BTC more accessible to more people around the world. Dorsey says it would benefit Meta and Meta’s products – Instagram, Facebook Messenger and WhatsApp. Highlighting the open network, he said it’s usable but not accessible to everyone.
Meanwhile, word is that Meta has completely dropped off plans for crypto and is now keen to launch an NFT marketplace to allow users to create and display NFTs on Instagram.