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Jack Dorsey says Mark Zuckerberg wasted his time on Meta’s crypto project

Dorsey believes Zuckerberg should have spent more time advancing Bitcoin.

jack dorsey of twitter
Image: Reboot

Jack Dorsey, Twitter’s former CEO and current Block Inc. CEO, says Mark Zuckerberg and Meta shouldn’t have spent their time and efforts trying to build their own cryptocurrency. Instead, he suggested they were better off putting all that time and energy into advancing Bitcoin. 

According to Bloomberg, Dorsey said Meta was trying too hard to drive people to its own services like Instagram and WhatsApp, and the company should have focused on a more open protocol like Bitcoin.

“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.”

Dorsey continued, stating:

“Hopefully they learned a lot, but I think there was a lot of wasted effort and time. 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.”

READ MORE: Mark Zuckerberg is being sued over Cambridge Analytica breach

Meta’s crypto project is dead in the water now. Due to regulatory scrutiny, the project known as Libra got a new name under the Diem Association. Still, US regulators didn’t feel comfortable with the project and couldn’t promise it would allow them to move forward with their plans.

Earlier this week, as part of a $200 million deal, the Diem Association sold its intellectual property (and related assets related to the operation of Diem Payment Network) to crypto-oriented bank Silvergate, slamming the final nail in its coffin. 

Like Dorsey, I think it’s safe to say that we’re all letting out a sigh of relief that Meta’s crypto project is dead in the water. And to quote Dorsey himself, “carpe diem.” 

READ MORE: The NFT auction for Jack Dorsey’s first tweet isn’t going so well

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Kevin is KnowTechie's founder and executive editor. With over 15 years of blogging experience in the tech industry, Kevin has transformed what was once a passion project into a full-blown tech news publication. Shoot him an email at kevin@knowtechie.com or find him on Mastodon or Post.

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