Jack Dorsey: Diem was a waste of time, Meta should’ve focused on BTC

Twitter laminitis Jack Dorsey said that Meta’s failed cryptocurrency task Diem was “wasted effort and time,” and it should person focused its efforts connected “making Bitcoin much accessible for everyone.”

MicroStrategy CEO Michael Saylor interviewed Dorsey connected Tuesday astatine his company’s “Bitcoin for Corporations 2022” league astir however corporations could integrate and usage Bitcoin (BTC).

Dorsey said that though Facebook astir apt started Diem for “the close reasons,” it should’ve utilized an open-ended protocol similar Bitcoin alternatively than attempting to make its ain currency.

“This full happening with Libra and past Diem, I deliberation there’s a ton of lessons there,” Dorsey told Saylor. “Hopefully they learned a lot, but I deliberation determination was a batch of wasted effort and time.”

His disapproval of Twitter’s much fashionable and palmy societal media counterpart should possibly travel arsenic nary surprise. Since stepping down from his relation arsenic Twitter CEO successful Nov past year, Dorsey has since made is wide that helium plans to marque Bitcoin the absorption of his caller company, Block (formerly known arsenic Square.) Block allows users to acquisition Bitcoin done mobile payments service, Cash App.

“Those 2 oregon 3 years oregon nevertheless agelong it's been could've been spent making Bitcoin much accessible for much radical astir the world.”

Dorsey added that making BTC much accessible would besides payment galore of Meta’s products, specifically referring to Facebook Messenger, Instagram and WhatsApp.

“We person this unfastened web close now. And it's usable. It's not accessible to everyone, but it’s usable. The easier we marque it, the faster we marque it, the much approachable we marque it, it's going to amended everything. Including everything Facebook intended to bash with Libra.”

In 2019, Facebook (now branded arsenic Meta Platforms) released the achromatic insubstantial for Libra, its long-awaited crypto-based fiscal infrastructure project today. However, pursuing a slew of regulatory hurdles and atrocious PR that forced the task to rebrand to Diem successful Dec 2020, it yet came to an untimely end.

Related: Zuckerberg's Diem reportedly weighing merchantability aft stablecoin plans falter

Meta officially announced it would beryllium selling Diem’s intellectual spot and different assets to Silvergate Capital Corporation connected Jan 31 2022 for the aggregate worth of $182 million, officially handing implicit the ropes yesterday connected Feb 1.

On Jan 12, a Cash App upgrade integrated the Bitcoin Lightning Network, allowing faster and cheaper BTC transfers utilizing the layer-two (L2) payments protocol.