Should Facebook And Other Social Media Platforms Focus on Bitcoin?

Former Twitter CEO Jack Dorsey had some harsh words for Diem, Meta’s cryptocurrency project. In a recent interview, Dorsey told MicroStrategy CEO Michael Saylor that Meta (Social Media) CEO Mark Zuckerberg should have focused on the Bitcoin ecosystem rather than the stable coin project. The intention was for Diem to be a stablecoin backed by less volatile assets such as national currencies and commodities. This would help to make cryptocurrencies less volatile than they are currently. Unfortunately, despite extensive rebranding efforts, congressional scrutiny, and high-profile staff departures, the cryptocurrency did not take off. In the end, the Diem project was sold to Silvergate, a cryptocurrency-focused bank, for approximately $200 million. Since he left Twitter, Dorsey has been focusing on ‘Block,’ his new venture. Block, formerly known as Square, is a payment processing company. Their Cash App is at the forefront of making Bitcoin more accessible to the general public. The company also produces low-cost hardware for Bitcoin miners. Dorsey has long been an outspoken maximalist when it comes to Bitcoin. He is certain that Bitcoin’s use and reach are unparalleled. In the same interview, he stated that Meta should have concentrated on Bitcoin rather than trying to invent a new way to do things. He claims that Bitcoin has already demonstrated its ability to make the future more equitable and provide people with opportunities ...