Days after Facebook’s parent company Meta announced its resignation from its Diem project, Twitter founder and CEO Jack Dorsey criticized Facebook’s move.

Twitter founder and former CEO believes that Facebook’s Mark Zuckerberg should have put a lot of effort into creating a new stablecoin.

Dorsey believes that Facebook would have been better off if it had focused on improving the Bitcoin ecosystem.

Jack Dorsey is known to be a huge fan of Bitcoin and is working on finding ways to improve the Bitcoin ecosystem.

Dorsey’s payment company Block is looking at ways to create affordable and easily accessible bitcoin wallets (without much technical background) along with creating affordable hardware geared toward bitcoin miners.

Read:$100 million worth of BNB coin was stolen…Full details here

Yesterday, Tuesday, February 1, he told Dorsey that Meta’s approach to Diem was not open enough.

He also criticized the company for placing too much emphasis on directing people to its own range of products.

Speaking at the World Conference on MicroStrategy, Dorsey added:

They have tried to create a Facebook-owned currency — perhaps for the right reasons, perhaps for noble reasons — but there have also been some reasons to try to attract more and more people into the Facebook ecosystem.

They did so instead of using an open protocol and standard accepted by many like Bitcoin.

I hope they learned a lot, but I think there was a lot of effort and time wasted.

These two or three years, or as long as it takes, could have been spent making Bitcoin available to more people around the world, which would also benefit Messenger, Instagram and WhatsApp.

“Silvergate” acquires the “Diem” project:

According to the latest developments, the crypto-market-focused bank Silvergate will acquire the Diem project for a bid of around $200 million.

This marks the end of the three-year Diem project that started around June 2019.

Read:M&A deals in the crypto arena up 5,000% in 2021

Meta’s long-running regulatory discussions have not been in the company’s favour!

However, the interesting question is whether this will be the end of the “Meta” hunt for cryptocurrency?

Last year, Tesla set a precedent by adding bitcoin to its balance sheet.

Currently, Meta has a huge amount of money in its balance and many analysts are hoping it will be the next big company to buy bitcoin.

Do you think we can hear the announcement of Bitcoin purchase from Meta this year?

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