Diem was a Waste of Time, Meta Should’ve Focused on BTC says Twitter Founder

Many of Meta’s products, like Facebook Messenger, Instagram, and WhatsApp, would benefit from easier access to BTC stated Jack Dorsey.
Diem was a Waste of Time, Meta Should’ve Focused on BTC says Twitter Founder

On Tuesday, MicroStrategy CEO Michael Saylor spoke with Dorsey about how businesses might integrate and use Bitcoin at his company’s “Bitcoin for Corporations 2022” conference (BTC).

Although Facebook launched Diem for “the right motives,” Dorsey believes it should have instead chosen an open-ended technology like Bitcoin rather than trying to develop its own money.

“I believe there’s a lot of lessons in this entire situation with Libra and then Diem,” Dorsey told Saylor. “I hope they learnt a lot, but I believe there was a lot of work and time wasted.”

It should come as no surprise that he criticizes Twitter’s more popular and lucrative social media equivalent. Since stepping down as Twitter’s CEO in November of last year, Dorsey has made it obvious that his new firm, Block, would focus on Bitcoin (formerly known as Square.) Block allows consumers to buy Bitcoin via Cash App, a mobile payment service.

“Those two or three years or however long it’s been could’ve been spent making Bitcoin more accessible for more people around the world.”

Dorsey went on to say that making BTC more available will assist several of Meta’s products, citing Facebook Messenger, Instagram, and WhatsApp as examples.

The white paper for Libra, Facebook’s long-awaited crypto-based financial infrastructure initiative, was released today by Facebook (now branded as Meta Platforms). However, the project was forced to rename to Diem in December 2020 due to a plethora of regulatory problems and terrible PR, and it finally came to an abrupt end.

Meta stated on January 31, 2022, that it will sell Diem’s intellectual property and other assets to Silvergate Capital Corporation for $182 million, officially turning over the keys on February 1.

The Bitcoin Lightning Network was integrated into the Cash App on January 12, enabling quicker and cheaper BTC transactions utilizing the layer-two (L2) payments protocol.