Jack Dorsey Quips Zuckerberg's Diem Crypto Project: Waste Of Time!

Pendiri Twitter Jack Dorsey (TheVerge)

JAKARTA – Meta's Diem cryptocurrency project has failed. Commenting on this, Twitter founder Jack Dorsey stated that the work on the Diem project was a "wasted time." Dorsey thinks Mark Zuckerberg's company should focus on "making Bitcoin more accessible to everyone."

Cointelegraph reports that MicroStrategy CEO Michael Saylor interviewed Dorsey Tuesday at the “Bitcoin for Corporations 2022” conference about how companies can integrate and use Bitcoin (BTC). Dorsey said that while it's likely Facebook started Diem for "the right reasons," it should have used an open protocol like Bitcoin rather than trying to create its own currency.

"Everything (to do) with Libra and then Diem, I think there's a lot of lessons there," Dorsey told Saylor. "Hopefully they learn a lot, but I think a lot of effort and time was wasted."

His criticism of Twitter's more popular and successful social media counterpart may come as no surprise. Since stepping down from his role as Twitter's CEO in November last year, Dorsey has since made it clear that he plans to make Bitcoin the focus of his new company, Block (formerly known as Square.) Block allows users to buy Bitcoin via mobile payments via the service, CashApp.

“Those two or three years or however much longer it could be spent making Bitcoin more accessible to more people around the world.”

Dorsey added that making BTC more accessible would also benefit many Meta products, particularly referring to Facebook, Messenger, Instagram, and WhatsApp.

“We have this open network now. And it can be used. It's not accessible to everyone, but can be used. The easier we make it, the faster we make it, the easier we make it, that will fix everything. Including everything Facebook wants to do with Libra."

In 2019, Facebook (which is now rebranded as Meta) released a whitepaper for Libra, today's crypto-based financial infrastructure project. However, after numerous regulatory hurdles and bad PR that forced the project to rebrand Libra to Diem in December 2020, it finally failed prematurely.

Meta officially announced that it would sell Diem's intellectual property and other assets to Silvergate Capital Corporation on January 31, 2022 for an aggregate value of 182 million US dollars, officially handing over the baton on February 1.

On January 12, CashApp got an upgrade and could integrate with the Bitcoin Lightning Network, enabling faster and cheaper BTC transfers using a second layer (L2) payment protocol.