Jack Dorsey Criticizes Meta’s Diem Project, Says Zuckerberg Should Have Opted for Bitcoin

By Bhushan Akolkar
February 2, 2022 Updated February 2, 2022
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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.

The Twitter founder and former executive believe that Facebook’s Mark Zuckerberg should have spent so much effort in creating a new stablecoin. Dorsey believes that the company would have been better off had they focused on improving the Bitcoin ecosystem.

Jack Dorsey is an ardent fan of Bitcoin and has been working on ways to improve the ecosystem. Dorsey’s payment company Block Inc. is working on affordable and easily accessible (less technical) Bitcoin wallets along with creating affordable hardware for Bitcoin miners.

On Tuesday, Feb 1, Dorsey said that Meta’s approach to Diem wasn’t open enough. He further criticizes the company for putting too much focus for driving people to its own suite of products. Speaking at the MicroStrategy World Conference on Tuesday, Dorsey added:

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

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.”

Silvergate to Acquire Meta’s Diem Assets

As per the recent development, crypto-focused Silvergate bank shall be acquiring Meta’s Diem Assets for a reported bid of around $200 million. This will mark the end of Diem’s three-year efforts that started around June 2019.

Meta’s long-going regulatory discussions didn’t turn out to be in favor of the company! However, the interesting question is whether this will be the end of Meta’s crypto pursuit? Last year Tesla set precedence by adding Bitcoin to its balance sheet.

Currently, Meta is holding massive cash on its balance and many analysts are hopeful that it will be the next big organization to buy Bitcoin. Do you think we can hear a Bitcoin purchase announcement from Meta ahead this year in 2022?

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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