Block CEO Jack Dorsey Criticizes Meta’s Failed Diem Project

Block CEO Jack Dorsey has shared his opinion about the recent Diem project acquisition. Jack Dorsey has hit out on Meta CEO Mark Zuckerberg on focusing on the stablecoin project rather than BTC.

Dorsey Directs a Backlash on Meta’s CEO Zuckerberg

Twitter Co-Founder, EX CEO, and Block CEO Jack Dorsey have hit out on Meta for failing their stablecoin project. Dorsey has explained that maybe then Facebook began the stablecoin project for the company’s benefit but should have invested in BTC. He claims that that decision was misled and Meta would have had better outcomes by investing in BTC.

He has gone ahead to describe the Diem project as a waste of time and effort. According to him, the efforts put in Diem could have paid the corporation better if it had thought of making BTC more accessible to its user.

Dorsey shared his opinions on the stablecoin project during an interview with fellow billionaire Michael Saylor. The interview was at his company’s  BTC for Corporations 2022 Conference on Institutional use cases of BTC.

Jack said that he hopes Meta and other institutions have learned a lot from Meta’s failed Libra and Diem cryptocurrency projects. Dorsey is a BTC maximalist; thus, his comments in the campaign for the coin cannot be less than supportive. Since his resignation as the CEO of Twitter last year, Dorsey has publicly made it clear that he wants BTC to be at the center of Block’s road map.

Now Block, formerly Square, offers its users a chance to trade BTC through their mobile payments app, Cash App.

How Did Meta Fail In Its Diem Stablecoin Project?

Though Jack Dorsey’s comments against Meta’s crypto projects appear harsh, they may be backed by the whole saga behind them. Facebook rebranded to Meta in 2019 and released a Whitepaper for their Libra coin, a long-awaited crypto project.

However, the Whitepaper had a poor PR that attracted backlashes, and the company had to rebrand the coin to Diem. The rebranding of the coin happened in 2020. But it did not bear any positive results as its development has already ended.

On JAN 31, 2022, Meta announced that it was selling all intellectual property related to its stablecoin project to Silvergate Capital Corporation. Meta officially handed over the project at an aggregate value of $182 M.

Why Is Bitcoin The Future Of The Incoming Cashless Society?

Being the premier cryptocurrency, BTC hedges above other coins in institutional adoption. Institutions are usually large investors and do not want to lose money since they mostly rely on other funders and the public. That way, they go for the safest projects out there, and BTC is a promising one.

The coin also has support from several influencers who incorporate it in their companies like Jack Dorsey, Elon Musk, Michael Saylor, and Mike Novogratz. These influencers are pushing for the development and total inclusion of the public successfully. The coin also has support from several influential governments like the US that has no plans to ban it but allows the trade of its ETFs.

El Salvador has also made it their legal tender, and their President hinted that some countries might follow suit. However, the crypto market is still young, and things might take different turns, making it good to keep researching it.