Block CEO Jack Dorsey also shared his thoughts on Meta's new crypto work during his keynote speech during MicroStrategy's "Bitcoin for Corporations 2022" conference for companies. Jack Dorsey said Meta should focus on Bitcoin instead, not its own stablecoin project Diem.
As it is known, Jack Dorsey left his Twitter CEO position a few months ago and started to focus on his other company, Block, formerly Square. A Bitcoin enthusiast, Jack Dorsey continues his efforts to increase Bitcoin adoption with Cash App, a product of Block. In his final statement, he suggested that Meta's boss, Mark Zuckerberg, follow his path.
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's 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."
Meta admits defeat on Diem
Meta recently acknowledged that they failed on the Diem project, especially after US regulators got in the way.
The social media giant was most recently working on a partnership with California bank Silvergate on the issuance of Diem. The fact that Silvergate is a regulated financial institution was Diem's most trusted place to go to market, but that attempt was not enough and the FED got stuck.
That said, the process of Meta's focus on crypto has not disappeared. 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.