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

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.