Notably, Mark Zuckerberg’s efforts to introduce a cryptocurrency, Diem was buried just like that after they sold intellectual assets to investment bank, Silvergate Capital last week.
That's why Twitter CEO, Jack Dorsey shared his opinion on the situation experienced by Meta (formerly: Facebook).
According to the figure, one of Meta’s biggest mistakes was developing its own cryptocurrencies when they could have just focused on open protocols like Bitcoin (BTC).
Within two years of working on Diem, which Dorsey described as a futile and time-wasting act, it would have been better if Meta had created widespread access to BTC.
Indirectly, many benefits can be reaped not only for Meta but also Instagram, Facebook Messenger, and WhatsApp.
Dorsey believes: "We don't have to be tied to the idea of 'having something to benefit from'", just as Meta wants through its stablecoin product, Diem.
While many entities have already launched cryptocurrencies, including exchange platforms Crypto.com, Binance, and FTX, what Dorsey wants to emphasize is how these open protocols and standards are constantly evolving.
"Open sources like Bitcoin miners, Bitcoin wallets, and those that are being developed as well, are all moving forward."
Probably many already know about Dorsey as a staunch supporter of Bitcoin.
His company, Block (formerly: Square) is now entirely focused on Bitcoin and BTC infrastructure. For example recently, one of its products-CashApp has integrated with the Lightning Network, allowing users to send BTC for free.
Dorsey was also seen strongly supporting Meta’s move to sell Diem with a recent tweet.
