Jack Dorsey Says Facebook Made A Mistake By Working On Diem — Should Have Focused On Bitcoin Instead

Twitter Inc. TWTR founder Jack Dorsey said that Facebook Inc., now rebranded as Meta Platforms Inc. FB, should have focused on making Bitcoin BTC/USD more accessible to people instead of working on its failed cryptocurrency project Diem.

What Happened: “Hopefully they learned a lot, but I think there was a lot of wasted effort and time,” Dorsey said during an interview by MicroStrategy Inc. MSTR CEO Michael Saylor at the “Bitcoin for Corporations 2022” conference on Tuesday.

Dorsey said that while Meta probably tried to create Diem for the right reasons, the Mark Zuckerberg-led company should have used an open protocol and standard like Bitcoin.

Making Bitcoin more accessible would have benefitted Meta’s products such as Facebook Messenger, Instagram and WhatsApp, Dorsey added.

See also: How To Buy Bitcoin (BTC)

What Happened: In June 2019, Facebook announced plans to launch its own digital currency called Libra. The project — later renamed as Diem — faced several setbacks since its inception.

The Diem Association confirmed Monday it has sold its intellectual property and other assets project to cryptocurrency-focused bank Silvergate Capital Corp. SI.

Dorsey is a big supporter of Bitcoin. His financial payments company Block Inc. SQ — formerly known as Square — allows U.S. users to invest their money in stocks or Bitcoin using the Cash App mobile payments service.

Price Action: Meta shares closed 1.8% higher in Tuesday’s regular session at $319.00 and further rose 3.5% in the after-hours session to $330.15.

Bitcoin is down 0.3% during the past 24 hours, trading at $38,440.18 at press time.

Read Next: Bitcoin Blows Past American Express, Discover With $3T Transaction Volume: Growing At 'Torrid Pace'