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Former Twitter CEO Jack Dorsey Slams Facebook’s Cryptocurrency Failure

By on February 2, 2022 0

Michael Saylor, CEO of software company MicroStrategy recently interviewed former Twitter CEO Jack Dorsey.

During the interview, Saylor asked Dorsey how bitcoin could help businesses and everyday people solve some fundamental problems, to which Dorsey says the internet having a native currency opens many doors for “internet companies, technology companies, but more importantly for everyday people, activists, people who have questions in the world, curiosity and recognizing that monetary systems just don’t work for them“.

Dorsey, who left Twitter last year to focus on Bitcoin, mentioned Facebook, which recently rebranded to “Meta“, should not have focused its efforts on creating its own cryptocurrency and should instead have been “make Bitcoin more accessible to more people around the world.

The internet having a native currency for itself opens so many doors: especially for internet companies, technology companies, but more importantly for ordinary people, activists, people who have questions in the world, the curious and acknowledging that monetary systems just aren’t working for them,‘ Dorsey said.

Meta was developing his own stablecoin for two years, it was originally called Libra, which was later changed to Diem. Unfortunately, the project came under intense scrutiny from regulators and faced many other issues that ultimately resulted in Meta selling its $200 million Diem to Silvergate Capital.