Jack Dorsey Says Meta Should Have Focussed Diem Towards Bitcoin

Block CEO and former Twitter CEO Jack Dorsey criticised Meta Platforms failed cryptocurrency project, Diem, saying the company’s time would have been better spent focused on advancing the Bitcoin…

Jack Dorsey Says Meta Should Have Focussed Diem Towards Bitcoin

Block CEO and former Twitter CEO Jack Dorsey criticised Meta Platforms failed cryptocurrency project, Diem, saying the company’s time would have been better spent focused on advancing the Bitcoin…

Dorsey Says Zuckerberg Should Have Focused on Bitcoin, Not Diem

(Bloomberg) — Block Inc. Chief Executive Officer Jack Dorsey criticized Meta Platforms Inc.’s failed cryptocurrency project, Diem, saying the company’s time would have been better spent focused on advancing Bitcoin. Continue Reading.


Bloomberg has reported that “The Diem Association, a cryptocurrency initiative once known as Libra backed by Meta Platforms Inc. , is weighing a sale of its assets as a way to return capital to its investor members, according to people familiar with the matter. Diem is in discussions with investment bankers about how best to sell its intellectual property and find a new home for the engineers who developed the technology, cashing out whatever value remains in its once-ambitious Diem coin venture, said the people, asking not to be identified because the discussions aren’t public.”

Therefore Dorsey said, “Hopefully they learned a lot, but I think there was a lot of wasted effort and time.


However, soon Diem’s fate became unpredictable as it moved out of Meta’s control, but it was still in its shadow. Eventually, administrative lash outs made it impossible for the Diem association to launch its currency.

Referring to this incident, Jack Dorsey has said Meta didn’t use an open protocol or a standard like Bitcoin, which led to this unfortunate event.
At the MicroStrategy World Conference, Dorsey also hinted towards Facebook’s biased motive to gain more users. He said, “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 trying to get more and more people onto the Facebook ecosystem”.

This is a significant failure for Meta.

Dorsey zuckerberg should have focused bitcoiner

Michael Saylor that Facebook should have focused on bitcoin instead of wasting time on diem

Twitter founder and Block CEO Jack Dorsey spoke with crypto enthusiast and MicroStrategy CEO Saylor about bitcoin and Facebook’s diem project.

Jack Dorsey told MicroStrategy’s Michael Saylor that Facebook should have focused on bitcoin instead of wasting time on diem

Twitter founder and Block CEO Jack Dorsey spoke with crypto enthusiast and MicroStrategy CEO Saylor about bitcoin and Facebook’s diem project.


Dorsey Says Zuckerberg Should Have Focused on Bitcoin, Not DiemDorsey Says Zuckerberg Should Have Focused on Bitcoin, Not DiemJack Dorsey Criticizes Meta’s Diem Project, Says Zuckerberg Should Have Opted for Bitcoin

Days after Facebook’s parent company Meta called its quits for its stablecoin project Diem, Block Inc’s Jack Dorsey has come lashing out at the company.

Dorsey zuckerberg should have focused bitcoins

They did that instead of using an open protocol and standard like Bitcoin.”

Dorsey continued, stating:

“Hopefully they learned a lot, but I think there was a lot of wasted effort and time. Those two years or three years, or however long it’s been, could have been spent making Bitcoin more accessible for more people around the world, which would also benefit their Messenger product and Instagram and WhatsApp.”

READ MORE: Mark Zuckerberg is being sued over Cambridge Analytica breach

Meta’s crypto project is dead in the water now.
Due to regulatory scrutiny, the project known as Libra got a new name under the Diem Association.

Dorsey zuckerberg should have focused bitcointalk

Meta is not the first exchange to launch its cryptocurrency.

In the meantime, Dorsey is pushing for open protocols and open standards in the industry. Some companies seem to be paying attention. This week, Meta became a Block’s Crypto Open Patent Alliance member.

Meta has pledged not to enforce its “core crypto patents” against other companies, but Meta sold its Diem IP for $200 million.

Dorsey on Bitcoin

It is not surprising for those who follow Dorsey. He is a “Bitcoin maximalist,” meaning that he prefers BTC over any other cryptocurrency.

Founded by Dorsey, Block (formerly Square) focuses primarily on Bitcoin and Bitcoin infrastructure.

Block’s CashApp, which enables BTC transfers for free, is now enhanced with Lightning Network support.

Jack Dorsey, Twitter’s former CEO and current Block Inc. CEO, says Mark Zuckerberg and Meta shouldn’t have spent their time and efforts trying to build their own cryptocurrency.

Instead, he suggested they were better off putting all that time and energy into advancing Bitcoin.

According to Bloomberg, Dorsey said Meta was trying too hard to drive people to its own services like Instagram and WhatsApp, and the company should have focused on a more open protocol like Bitcoin.

“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 trying to get more and more people onto the Facebook ecosystem,” Dorsey said Tuesday at the MicroStrategy World conference.

Diem, Block Inc’s Jack Dorsey has come lashing out at the company. ThJack Dorsey Slams Meta’s Diem, Says Mark Zuckerberg Should Have Focused on Bitcoin – The Crypto Basic

Former Twitter CEO Jack Dorsey has slammed Facebook’s failed cryptocurrency project, Diem, stating that the company, recently renamed Meta Inc., would have fared better if it had focussed its resources on improving the Bitcoin network.

Speaking at the MicroStrategy World conference today, Dorsey disclosed that Meta was not too committed to Diem, initially named Libra, […]

Jack Dorsey Slams Meta’s Diem, Says Mark Zuckerberg Should Have Focused on Bitcoin – The Crypto Basic

Former Twitter CEO Jack Dorsey has slammed Facebook’s failed cryptocurrency project, Diem, stating that the company, recently renamed Meta Inc., would have fared better if it had focussed its resources on improving the Bitcoin network.

Facebook-owned Meta launched its own Stablecoin in 2019 and faced public backlash, so it tried rebranding it as Libra. Now Mark Zuckerberg’s company finally abandoned Diem, selling the company’s intellectual property to an investment bank.

Is Diem a cryptocurrency?

A permissioned blockchain-based stable coin payment system, Diem is also linked to a private currency implemented as a cryptocurrency.

It was designed by the American social media company Meta Platforms.

Diem was meant to be a Stablecoin which, as its name implies, represents a cryptocurrency designed to be less volatile than other cryptocurrencies using national currencies or commodities as collateral.

MicroStrategy’s Michael Saylor, the man in charge of the project, discussed Jack Dorsey, former Twitter CEO’s views on the failed project.

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Key Takeaways:

Facebook’s ‘Diem’ project finally comes to an abrupt end. Jack Dorsey criticises this step of Meta Platforms Inc.

Meta talks with investment bankers to find new opportunities for Diem members.

The crypto industry has recently been facing unforeseeable failures and sudden lows. One remarkable failure is Meta platforms Inc.’s abrupt cryptocurrency project ‘Diem’.

Block Inc. Chief Executive Officer Jack Dorsey has expressed his criticisms on this matter.

Facebook initiated a’ Diem’ project in mid-2019, initially named Libra, to launch its cryptocurrency. It aimed to compete with Bitcoin and other fiat currencies and therefore started the venture in association with several tech and finance companies.

Zuckerberg wanted to create this for instant transactions between users and even across borders.

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