Social media giant, Meta [formerly called Facebook] stunned the entire globe with its Diem project [formerly known as Libra]. An array of backlashes, lawsuits, and one change in the name later, Facebook decided to put a full stop to the project. Meta recently accounted that they would be selling Diem to Silvergate Capital Corporation. The former CEO of another social media giant, Twitter, Jack Dorsey was a mere observer of this until his latest comments.
Appearing at Bitcoin for Bitcoin for Corporations 2022 conference led by MicroStrategy’s CEO Michael Saylor, Dorsey spoke all things crypto. During the same time, he decided to address Meta’s failed crypto project.
Dorsey has been a prominent crypto or particularly Bitcoin proponent. Not only has he voiced his interest in Bitcoin, but he has time and again worked towards bettering the industry. Therefore, he suggested that Facebook should have used an open-ended protocol like Bitcoin instead of proceeding with Diem. Even though Facebook would have started working on Diem for all the right reasons, trying to roll out its currency was a far-fetched idea, he added.
Further elaborating on the same, Dorsey stated,
“This whole thing with Libra and then Diem, I think there’s a ton of lessons there. Hopefully, they learned a lot, but I think there was a lot of wasted effort and time.”
Meta could have made Bitcoin more accessible instead – Jack Dorsey
Dorsey has time and again endorsed Bitcoin as the currency of the internet. Bitcoin was rolled out for a similar reason. As Bitcoin hopes to deliver financial freedom, the need for more and more platforms to build on it was essential. With the global reach of Meta, Dorsey pointed out that the social media platform could have revolutionized the space.
The former CEO of Twitter noted that Meta could have spent the two or three years that they wasted on Diem, making Bitcoin more accessible for more people across the globe.
He added,
“We have this open network right now. And it’s usable. It’s not accessible to everyone, but it’s usable. The easier we make it, the faster we make it, the more approachable we make it, it’s going to better everything, including everything Facebook intended to do with Libra.”
Just last week, following the news of Meta selling Diem, Dorsey took to Twitter and took a jab at Mark Zuckerberg by tweeting “carpe diem” which translates to ‘seize the day.’