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Jack Dorsey slams facebook

Twitter Co-founder Jack Dorsey slams Facebook’s failed Diem experiment

The former CEO of Twitter, Jack Dorsey slams Facebook’s idea of Diem. He says that Facebook, now rebranded as Meta, should have focused on Bitcoin rather than working on failed Diem project.

In 2019,  Facebook started working on a project named “Libra” to make its own cryptocurrency but the project failed due to regulatory issues. The project failed even before taking off and now is in the process of selling off assets. 

Facebook planned to create a currency that would be accessible by all digital wallets making money easier to send and receive in different parts of the world.

Jack dorsey slams facebook
Michael Saylor & Jack Dorsey During Bitcoin for Corporations conference hosted by Microstrategy

Jack Dorsey slams Facebook: 

“ The whole thing with Diem, I think there are lots of lessons for Facebook.  Facebook has wasted time working on the Diem project rather than making Bitcoin more accessible to its common users which would have ultimately benefited them in their messenger products” Dorsey told Jack Saylor during Bitcoin for Corporations Conference 2022 hosted by Microstrategy.

The “Libra” Project, later renamed as Diem has been facing numerous setbacks and regulatory issues since the start. Originally launched to be released within a year, after two and half a year, the project has been officially called off and the assets are being sold to Silvergate Capital Corporation for $182 million.

 

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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