‘Meta’s Diem was a waste of time, should have focused on Bitcoin’: Jack Dorsey

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Former Twitter CEO Jack Dorsey said that Meta’s (previously Facebook) the Diem cryptocurrency project was “wasted effort and time.” Dorsey spoke with MicroStrategy CEO Michael Saylor on Tuesday at the “Bitcoin for Corporations 2022” conference.

Dorsey said that “those two or three years, or however long it’s been,” could have been spent making “Bitcoin more accessible to more people around the world,” which would also benefit the “Messenger product and Instagram and WhatsApp.” “from Meta. This development comes after a Bloomberg report said Diem CEO Stuart Levey announced the sale of Diem’s ​​assets, citing continued resistance from federal regulators.

When Saylor asked Dorsey how Bitcoin could help corporations solve some fundamental problems, to which Dorsey replies that the fact that the Internet has a native currency opens a lot of doors for “Internet companies, technology companies, but most importantly, for ordinary people, activists, people who have questions.” in the world, curiosity and recognizing that the monetary systems are simply not working for them.”

“They tried to create a currency that was owned by Facebook, probably for the right reasons, probably for noble reasons, but there were also some reasons that would indicate that they were trying to bring more and more people into the Facebook ecosystem. They did that instead of using an open protocol and standard like Bitcoin,” Dorsey added.

It should be noted that Dorsey left Twitter in December to focus on digital payments company Block, making Parag Agrawal Twitter’s new CEO. More recently, he also announced that his fintech company Block (formerly known as Square) is building a system to make it easier for people to mine Bitcoin. The tech evangelist on Twitter revealed that Block is “officially building an open Bitcoin mining system.”

Dorsey is a strong supporter of Bitcoin. His love for crypto dates back to 2017, when he started championing Bitcoin as the king coin. When the crypto market crashed in 2018, Dorsey was undeterred, calling Bitcoin the future world currency, even though the digital currency was at its lowest point in several years. In March 2019, Dorsey said that he spends several thousand dollars every week to buy Bitcoin.

Meanwhile, in November 2020, Dorsey published the whitepaper for his Bitcoin decentralized exchange proposal: tbDEX. The project aims to make Bitcoin the native currency of the Internet. “To achieve this, the nature of financial institutions must evolve. We can embrace this change, investing in this future as a public good by rethinking our business models and ways of creating value, or we can let this future happen to us,” the company wrote in a blog post.

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