Dorsey Says Zuckerberg Should Have Focused on Bitcoin, Not Diem

Block Chief Executive Officer Jack Dorsey criticized Meta Platforms' failed cryptocurrency project, Diem, saying the company's time would have been better spent focused on advancing Bitcoin. From a report: Dorsey said Tuesday that Meta's approach to Diem, a proposed cryptocurrency formerly known as Libra that came to an unceremonious end this week, wasn't open enough. Instead, Dorsey says Meta was too focused on driving people to its own suite of products, like WhatsApp and Instagram.

'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,' Dorsey said Tuesday at the MicroStrategy World conference. 'They did that instead of using an open protocol and standard like Bitcoin. Hopefully they learned a lot, but I think there was a lot of wasted effort and time,' he added. '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.'

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