Ex-Twitter CEO Jack Dorsey slams Facebook's failed cryptocurrency

The former CEO of Twitter, Jack Dorsey, slammed Facebook's (Meta) now failed cryptocurrency says it should have focused on BTC.

@JakConnorTT
Published Wed, Feb 2 2022 1:02 AM CST   |   Updated Tue, Mar 1 2022 4:42 AM CST

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

During the interview, Saylor asked Dorsey how Bitcoin could assist corporations and everyday people in solving some fundamental problems, to which Dorsey says that 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 the currency systems just aren't working for them".

Dorsey, who left Twitter last year to focus on Bitcoin, mentioned Facebook, who recently re-branded to "Meta", shouldn't have been focussing its efforts on creating its own cryptocurrency and instead should have been "making Bitcoin more accessible for 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 everyday people, activists, people who have questions in the world, curiosity, and recognizing that the currency systems just aren't working for them," said Dorsey.

Meta was developing its own stable coin for two years, it was originally named Libra, which was later changed to Diem. Unfortunately, the project was met with scrutiny from regulators and faced numerous other problems that ultimately ended up in Meta selling its $200 million worth of Diem to Silvergate Capital.

Ex-Twitter CEO Jack Dorsey slams Facebook's failed cryptocurrency 01 | TweakTown.com
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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