Jack Dorsey Mocks Facebook's Tanked Stablecoin Project

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Former Twitter CEO Jack Dorsey, actively known as a stark Bitcoin proponent, has slammed Facebook's tanked Diem project.

Dorsey further stated that Facebook, rebranded as Meta would have performed better if the company would have used its resources to improve the Bitcoin network.

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Dorsey, who resigned from Twitter in November, has been working full time on his own Bitcoin-focused company Block, formerly known as the Square, to scale the use cases of Bitcoin and promote sustainable Bitcoin mining.

Jack Dorsey Criticizes Meta's Diem Project

Dorsey, while speaking at a MicroStrategy World Conference, spoke about Facebook's tanked stablecoin project.

He asserted that the company was not committed to Diem, and directed its strategies towards luring customers towards its other properties.

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Dorsey also said the company would have fared better if it had employed its resources to scale the Bitcoin Network. He said:

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.

In 2019, Facebook unveiled its stablecoin project Libra, before rebranding to Diem. Since its inception, it garnered scrutiny and regulatory pressure from several governmental organisations.

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Dorsey, however, added that he hopes Facebook has learned from the experience, stating:

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.

Dorsey, who is known as an active Bitcoin proponent, has always spoken in favor of Bitcoin.

In January, Dorsey unveiled his plan to venture into Bitcoin mining through Block. The said project will be focusing on developing high-end ASIC Bitcoin mining machines for people to easily explore Bitcoin mining.