Dorsey Highlights Facebook’s Mistake

In an interesting turn in the crypto industry, Twitter (TWTR@US) founder Jack Dorsey said that Facebook ($FB@US) should not have spent its time and money on Diem, and instead, focused on Bitcoin. In an interview with MicroStrategy ($MSTR@US) CEO Michael Saylor, Dorsey said, “Hopefully they [Facebook], learned a lot, but I think there was a lot of wasted effort and time.” Dorsey noted that Diem was likely a push to create a stronger metaverse, but he believes that the firm should have focused on an open protocol and standard that is similar to Bitcoin. Dorsey believes that making Bitcoin more accessible would have benefits Meta’s new metaverse products and existing products like, including Facebook Messenger, Instagram, and WhatsApp. Initially, Facebook wanted to launch a cryptocurrency called Libra in 2019, but the project was changed to Diem, and it was faced with many setbacks that eventually made it financially untenable. For Dorsey’s part, he is a massive Bitcoin bull and supporter, especially as his current firm, Block, helps U.S. users invest in stocks and Bitcoin. At press time, Meta stock was trading at $319, up more than 3% in early activity.