Former Twitter CEO Jack Dorsey was harsh in his criticism of Meta’s cryptocurrency project, Diem. Dorsey recently stated in an interview with MicroStrategy CEO Michael Saylor that Meta CEO Zuckerberg should have concentrated on the bitcoin ecosystem rather than the stablecoin initiative.

Dorsey had no qualms about expressing his opinions about Diem in the hour-long interview, calling the initiative a waste of time and effort. He also stated that the initiative was not transparent enough and that Meta would have done far more for mankind if they had focused on Bitcoin.

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Diem was intended to be a stablecoin backed by less volatile assets such as national currencies or commodities. This would assist to mitigate the regular volatility of cryptocurrencies. However, despite several rebranding efforts, rigorous legislative scrutiny, and high-profile personnel exits, the cryptocurrency failed to take off. Meta subsequently sold the Diem project to Silvergate, a crypto-focused bank, for about $200 million.

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In his interview, Dorsey criticised Meta’s approach towards creating the stablecoin, saying that their focus was, solely getting people on its suite of products. “They tried to create a currency that was owned by Facebook — maybe for the right reasons, maybe for great reasons — but there were also reasons that were trying to bring more and more people onto the Facebook ecosystem. They opened something like Bitcoin. Did this instead of using protocol and standard” Dorsey said.

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Dorsey has been focusing on his new company, Block, since quitting Twitter. Block, formerly known as Square, is a payment company that is at the forefront of making bitcoin more accessible to the general public with its Cash App. In addition, the business is concentrating on developing low-cost hardware for Bitcoin miners.

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For a long time, Dorsey has been an outspoken Bitcoin maximalist. He is certain that Bitcoin’s utility and reach are unparalleled. In the same interview, he stated that instead of reinventing the wheel, Meta should have focused all of its efforts on Bitcoin.

According to him, Bitcoin has already demonstrated its ability to bring about a more equal future and provide individuals with the opportunity to better themselves. Microstrategy has also attempted to bring Bitcoin to the forefront. They just produced a report in collaboration with the Bitcoin Mining Council (BMC) demonstrating how the Bitcoin mining sector is becoming more sustainable.