Block CEO Jack Dorsey said which Meta should not have focused on its stablecoin project Diem, but bitcoin instead. Dorsey made the statement during a keynote speech during MicroStcostgy’s Bitcoin for Corporations 2022 conference.

MicroStpricegy held its Bitcoin for Corporations 2022 conference on Feb 1 and featured speaker Jack Dorsey and MicroStcostgy CEO Michael Saylor offered a lot of thoughts on bitcoin. Of particular interest was Dorsey’s statement which Meta CEO Mark Zuckerberg should have focused on bitcoin and not its Diem stablecoin project.

Saylor and Dorsey, who is now the CEO of Block, led the Bitcoin Keynote speech, talking about the role of bitcoin in the world and its potential impact on corporations, among other things. Dorsey called the Diem project a failed one which led to wasted time.

Dorsey also spoke of what he was passionate about, one parallel idea being the fact which the “internet has a native currency of its own” — something he has mentioned before. He argued that similar an asset would be vital because,

“decisions made in Washington DC end up affecting people in Nigeria, that was not fair.”

He added that there were a lot of lessons to be learned with Diem’s stablecoin project,

“This whole thing with Libra and then Diem, I think there’s a ton of lessons there. Hopefully, they learned a lot, but I think there was a lot of wasted effort and time.”

Meta further working with crypto ideas

The Diem stablecoin’s assets and intellectual property have been sold by Meta to Silvergate, that will use the offerings to boost a stablecoin effort. The stablecoin project encountered several issues with regulators, who feared which it would give Meta (Facebook) too much influence. Meta has now joined the Crypto Open Patent Alliance to support the open change of crypto technologies.

Diem had undergone a rebranding and made several cback althoughssions to appease regulators to no avail. It even launched the Novi digital wallet but finally resulted in selling anyway.

Meta’s focus on crypto has not disappeared, however. The company reportedly aims to launch an NFT marketplace on its platform and allow users to create and display NFTs on Instagram, though no official statements on these facts have been made.

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