Diem\'s Demise: Was Meta\'s Crypto Project a Waste of Time? Jack Dorsey Weighs In
Meta\'s ambitious cryptocurrency project, Diem (formerly Libra), ultimately failed to launch. Now, Twitter founder Jack Dorsey is adding his voice to the chorus of critics, calling the entire endeavor a "wasted effort and time." According to Dorsey, Meta\'s resources could have been better spent focusing on enhancing Bitcoin accessibility.
Dorsey\'s Critique: Diem Lacked Openness and Missed the Mark
In a recent interview, Dorsey didn\'t hold back, expressing his strong feelings about Diem. He argued that Meta\'s approach wasn\'t open enough and that the energy invested in Diem could have yielded far greater returns by contributing to the Bitcoin ecosystem.
As reported on February 1st, 2025, Twitter founder Jack Dorsey said that Meta’s failed cryptocurrency project, Diem, was “wasted effort and time” and that it should have focused its efforts on “making Bitcoin more accessible for everyone.” He reiterated this sentiment throughout the interview.
The project, which aimed to create a global stablecoin, faced significant regulatory hurdles and ultimately shuttered its doors. Dorsey’s critique adds fuel to the debate surrounding Diem\'s strategic missteps.
Focus on Bitcoin: Dorsey\'s Alternative Vision
Dorsey has long been a proponent of Bitcoin, advocating for its decentralized nature and potential to revolutionize the financial system. He believes that Meta\'s focus on building a proprietary cryptocurrency like Diem diverted valuable resources from improving Bitcoin\'s usability and adoption.
On February 7th, 2025, Dorsey elaborated on his perspective, stating that the efforts put into Diem could have significantly benefited the cryptocurrency landscape had Meta instead concentrated on making Bitcoin more accessible to a wider audience. He described the Diem project as a waste of time and effort. He believes that such actions should have been directed positively by using Bitcoin.
A Post-Mortem on Diem: Lessons Learned?
The failure of Diem serves as a cautionary tale for other tech giants considering entering the cryptocurrency space. Dorsey’s comments highlight the importance of openness, collaboration, and focusing on existing, proven technologies like Bitcoin.
While Meta hasn\'t officially responded to Dorsey\'s criticism, the debate surrounding Diem\'s legacy continues. Was it a noble attempt to innovate, or a misguided venture that ultimately wasted time and resources? Jack Dorsey has made his opinion unequivocally clear: Diem was a “wasted effort and time”.