Jack Dorsey Deems Diem Project A Waste Of Time, Suggests Meta To Focus On Bitcoin

Dorsey takes a shot at social media competitor over failed stablecoin project Diem is sold to Silvergate Capital. Read the full article by Rida Fatima “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

Meta had a tough last week or so as they announced they were stopping the stablecoin, Diem, project as well as seeing their stock price take a tumble. The project for their stablecoin had hit many bumps in the round that even included several name changes as it seemed it was always re-branding. Bitcoin maxi, Jack Dorsey, has now weighed in saying that the whole project was a waste of effort and time as they should have been focusing on Bitcoin.

Dorsey’s thinking for this is that using Bitcoin would ensure accessibility for everybody. As cryptocurrency has continued to grow over the last year or so and Facebook wanted to be at the forefront of a new space. Even without the stablecoin project, Meta is still making a huge push into the crypto space by building its own Metaverse.

Dorsey was asked about this in the “Bitcoin for Corporations 2022” and while he believes Facebook had the right intentions to create Diem; however, he believes that using an open-ended crypto protocol, like Bitcoin, would have made the venture more successful. Dorsey is also a direct competitor to Facebook as the former CEO of Twitter it is also not surprising that he did have some criticisms for them.

For now, Facebook has had to put to rest the Diem idea but is planning on selling the intellectual property to Silvergate Capital Corporation for $182 million. While Dorsey’s opinion may be slightly biased he may be right as creating your own project the way Meta tried to is hard work. There are many underlying issues that come with it like having to register with the SEC and other financial regulators at the same time. The US is also thinking about their own CBDC which could have led to bigger players simply telling Zuckerberg that it wasn’t going to happen.