Jack Dorsey, founder of Twitter stated that Meta’s attempt to make its own cryptocurrency Diem was “wasted attempt and time”. It would be better if the company had focused its efforts on “making Bitcoin greater available for everyone.” Michael Saylor, CEO of MicroStrategy, interviewed Dorsey at his company’s “Bitcoin for Corporations 2022” convention. They discuss how businesses should combine and use Bitcoin (BTC). Dorsey advised Saylor that “the whole problem with Libra and then Diem, will bring a ton of learning for Meta”. He added that “hopefully they found a way out, however I suppose there have been loads of wasted attempts and time.”
His grievance on Meta’s failed attempt did not come as a surprise. Since stepping down from his position as Twitter CEO. Dorsey has confirmed the fact that he plans to make Bitcoin the focus of his new company, Block (previously referred to as Square.) Block lets in customers to buy Bitcoin via cellular bills service, Cash App.
Dorsey said making BTC available on Meta`s products especially Facebook Messenger, Instagram and WhatsApp would make it more successful. In 2019, Meta launched the white paper for Libra. However, following a slew of regulatory hurdles and horrific PR that compelled the task to rebrand to Diem in Dec 2020. Yesterday, it came to a premature end.
