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.
“Meta’s approach to Diem wasn’t open enough.”
Jack Dorsey has been a vocal advocate of Bitcoin and has been working on improving 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 criticized the social media company for focusing too much on driving people to its own suite of products.
“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,” Dorsey opined, speaking at the MicroStrategy World Conference.
“Meta could have spent the same time making Bitcoin more accessible.”
“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,” Dorsey added.