Ex-CEO of Twitter and an active supporter of bitcoin Jack Dorsey commented on the closure of the Diem stablecoin project, the creators of which on Tuesday announced the transfer of intellectual property and other assets to Silvergate Bank.
In a conversation with MicroStrategy CEO Michael Saylor at the Bitcoin for Corporations conference organized by the company, Dorsey called Facebook's failed initiative "a waste of time and effort" that could have been directed to "increasing the availability of bitcoin." Although the idea of Diem might not be devoid of common sense, the company should have used a publicly available protocol, Dorsey believes.
"I think there are a lot of lessons in this story with Libra, and then Diem. I hope they learned a lot, but I also think a lot of effort and time was wasted," he said.
After leaving Twitter, Dorsey focused on the development of his own company Block, formerly called Square, whose tasks are related to the development and distribution of bitcoin.
"These two or three years, or how long they were doing it, could have been spent on increasing the availability of bitcoin for more people in the world."
Facebook Instagrammer, Instagram, and WhatsApp, according to him, such a scenario would be favorable for the company's own products, including Facebook Messenger, Instagram, and WhatsApp.:
"We have an open network that can already be used. It is not available to everyone, but it can be used. The easier we make it, the faster we make it, the more accessible we make it, the better it will be for everyone, including everything Facebook intended to do with Libra."
Addressing the conference attendees who want to use bitcoin in their business, Dorsey recommended "looking critically" at the benefits that cryptocurrency can give, whether it's buying it, adding it to products or services.
"The Internet has its own currency, which opens so many doors, especially for IT companies, technology companies and, more importantly, for ordinary people, activists, people who have questions about this world, curiosity, awareness that the existing currency systems do not work in their interests," he added.