Block CEO Jack Dorsey says Meta should spend time thinking about Bitcoin rather than trying to expand its own product suite.
Block CEO Jack Dorsey said Meta should focus on Bitcoin instead, not its own stablecoin project Diem. Dorsey said this during his keynote speech during MicroStrategy’s Bitcoin 2022 conference for companies.
MicroStrategy kicked off its Bitcoin 2022 conference on February 1, and speaker Jack Dorsey and MicroStrategy CEO Michael Saylor presented a lot of ideas about Bitcoin. Of particular interest was Dorsey’s announcement that Meta CEO Mark Zuckerberg should focus on Bitcoin and not the Diem stablecoin project.
Dorsey, who is now the CEO of Block, talked about, among other things, Bitcoin’s role in the world and its potential impact on companies. Dorsey described the Diem project as a time-wasting failed project. Dorsey also talked about what he was passionate about: the fact that the internet “has its own local currency.” He argued that such a presence would be important:
“Decisions made in Washington DC affect people in Nigeria and it is not fair.”
Dorsey added that there are many lessons to be learned from Diem’s stablecoin project.
“Everything about Libra and then Diem, I think there’s a ton of lessons there. I hope they learned a lot, but I think a lot of effort and time was wasted.”
Diem underwent a rebrand and made several concessions to appease regulators, but to no avail. Novi even launched its digital wallet, but in the end, the project ended up selling again.
That said, the process of Meta’s focus on crypto has not gone away. The company reportedly aims to launch an NFT marketplace on its platform and allow users to create and view NFTs on Instagram, but no official announcement has been made on these issues.
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