Former Twitter CEO says Facebook’ Diem was a waste of time


Jack Dorsey shared his stance on the Deim Association and suggested Meta to use Bitcoin in its services to make Bitcoin more accessible for users.

Deim Association is a subsidiary of Meta (former Facebook) and now Meta is selling its whole stake in Deim Association to a Bank because Meta is not able to use its blockchain & crypto-based resources because of regulatory restrictions. Now Meta is working eagerly with full aggression on Metaverse-based projects, which also includes the use cases of cryptocurrencies. 

Jack Dorsey, CEO of blockchain solution firm Block and former CEO of social media platform Twitter, recently appeared in an interview with MicroStrategy CEO Michael Saylor’s conference  “Bitcoin for Corporations 2022”. 

In the interview discussion, Jack said that the main initiative of Meta (formerly Facebook) with its Diem was really better but it did wrong by creating its currency instead to use existing Bitcoin currency. 

“This whole thing with Libra and then Diem, I think there’s a ton of lessons there. Hopefully, they learned a lot, but I think there was a lot of wasted effort and time.”

Jack also added that Meta should add Bitcoin in its services like Facebook Messenger, WhatsApp Messenger, and Instagram. It will give huge Benefits to Meta but needed to make Bitcoin more approachable.

“We have this open network right now. And it’s usable. It’s not accessible to everyone, but it’s usable. The easier we make it, the faster we make it, the more approachable we make it, it’s going to better everything. Including everything Facebook intended to do with Libra.”

Earlier, Jack always emphasized other companies adopting Bitcoin in any way of Bitcoin-related services integration . To support Bitcoin, Jack doesn’t support Ethereum based works  Michael Saylor, CEO of business intelligence firm Microstrategy, also supports bitcoin as a better option to do investment and also suggests people remain confident with Bitcoin holdings. MicroStrategy holds more than 122,478 bitcoins. 

The recent conference interview of Jack with Michael Saylor was aimed to work on the new initiatives to make the other companies and corporations to adopt Bitcoin for better purposes, so that Bitcoin can be made more accessible to the companies and world.

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