Block Inc founder Jack Dorsey criticized Meta for the failed launch of Diem stablecoin. Dorsey believes that the spent years of development could be devoted to the development of Bitcoin.
Diem Association recently confirmed the sale of its intellectual property to financial corporation Silvergate Capital. Due to difficulties with regulators, the Association refused to launch the Diem stablecoin, formerly known as Libra.
Twitter co-founder Jack Dorsey commented on the situation at an online conference hosted by MicroStrategy. In his opinion, Meta paid too much attention to attracting people to develop the product, while the company’s approach to creating Diem was not sufficiently open.
Dorsey expressed regret that Mark Zuckerberg and the Diem development team spent a huge amount of time and effort to create a new stable cryptocurrency. However, they would not have been in vain if Meta had focused on improving the Bitcoin ecosystem.
“The developers were trying to create a currency that would belong to Facebook. Perhaps there were noble reasons for that. But it spoke of trying to get more people into the Facebook ecosystem. They chose to do this instead of using the open protocol and standard of Bitcoin. Those few years could have been spent making Bitcoin more accessible to people around the world. This would benefit Messenger, Instagram and WhatsApp products,” Dorsey said.
Jack Dorsey has always been a strong supporter of Bitcoin. He is confident that BTC can become a full-fledged replacement for the US dollar, and is actively working to improve the ecosystem of this cryptocurrency. Last fall, Dorsey stepped down as CEO of Twitter, and his payment company Square changed its name to Block Inc to focus entirely on improving Bitcoin. In January, it became known that the company intends to develop a new generation of ASIC miners.
Dorsey recently talked about plans to launch the Bitcoin Legal Defense Fund. The Fund will provide legal support to the developers of this network, which are increasingly becoming participants in litigation.
Source: Bits
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