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Jafrin Ahmed
Feb 2, 2022
by Jafrin Ahmed

Jack Dorsey Calls Facebook Diem as a “Wasted Effort and Time”

Jack Dorsey Diem
Jack Dorsey who quit Twitter to focus his energy on Bitcoin criticized Facebook’s failed cryptocurrency project Diem as 'wasted effort and time,' saying that the company should have concentrated on 'making Bitcoin more accessible for everyone' rather than pursuing a separate blockchain platform.

Speaking at the MicroStrategy World Conference with CEO Michael Saylor, the Twitter founder stated that Facebook's parent company, Meta's approach to Diem wasn't open enough as it only focused on creating its own suite of products over making Bitcoin accessible.

“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 said.
“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,” the former Twitter CEO added.

Facebook's Failed Crypto Venture

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

Facebook initially announced plans for its own cryptocurrency, Libra two years ago but failed because of regulatory hurdles. The project, which later changed its name to Diem, came to an end last week after selling its $200 million-worth of assets to Silvergate Capital.

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Jack Dorsey Calls Facebook Diem as a “Wasted Effort and Time”
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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