Meta (formerly Facebook) started the development of its own stablecoin Libra in 2019. Facing public backlash, it tried rebranding it to Libra. Now, Zuckerberg’s company finally gave up, selling Diem’s intellectual property to an investment bank.
The former Twitter CEO, Jack Dorsey, shared his views on the failed project with Michael Saylor, the man in charge of MicroStrategy.
Meta’s mistake was working on a currency it owned – instead of using an open protocol like Bitcoin, the CEO of Block noted.
“Hopefully, they learned a lot, but I think there was a lot of wasted effort and time,” Dorsey said. He added that they could have spent those two or three years of development making BTC more accessible.
“This would also benefit their Messenger product, Instagram, and WhatsApp, he added. We have these open network right now, and it’s usable.”
‘You Don’t Have to Own The Thing’
Bitcoin adoption benefits everyone, Dorsey continued. However, it challenges some conventional thinking in Silicone Valley.
“I think it changes a lot, but we just have to be open to not having to own the thing. You don’t have to own it to get value from it,” Dorsey said about Bitcoin.
Meta would not be the first platform to create its own cryptocurrency. All major digital asset exchanges, from Binance, to CryptoCom, have their native assets.
However, Dorsey is leading a push towards open protocols and open standards in the industry.
“All of our products, going forward, TBD, the Bitcoin miner, the Bitcoin wallet, they’re all open-source,” he said.
It looks that at least some companies are listening. This week, Meta joined Block’s Crypto Open Patent Alliance. They pledged not to enforce their “core crypto patents” against other companies. However, this was after Meta sold its Diem IP for $200 million.
Dorsey on Bitcoin
To those that follow Dorsey, this take is not surprising. He is a well-known “Bitcoin maximalist,” meaning he favors BTC over all other cryptocurrencies.
Dorsey’s company Block (formerly Square) has focused primarily on Bitcoin and BTC infrastructure. Recently, Block’s CashApp integrated Bitcoin’s Lightning Network, letting users send BTC for free.
Earlier, Dorsey poked fun at Meta’s failed stablecoin project. He tweeted “carpe diem,” which means seize the day in Latin.
carpe diem https://t.co/QTN2JzehUZ
— jack⚡️ (@jack) January 26, 2022