Block CEO and former Twitter head, Jack Dorsey in his first public appearance after stepping down from Twitter to focus on running payments company Block [formerly Square], reaffirmed his belief in the virtues of Bitcoin and how society can benefit from the adoption of bitcoin.
Dorsey in an interview with fellow bitcoin advocate MicroStrategy CEO Michael Saylor at MicroStrategy’s Bitcoin for Corporations conference held on Tuesday spoke at length on the coin’s use cases. “We’re the closest we’ve ever been to having a native currency for the internet with bitcoin.”
Dorsey then went on to add that the world needs a universal currency where, for example, decisions made in Washington don’t impact smaller nations around the world.
In terms of institutions buying or incorporating bitcoin into their businesses, the exec said that even if they don’t use bitcoin, every company should spend their resources in knowing the asset and looking at how it can potentially improve their operations.
Jack Dorsey also praised bitcoin’s transparency, where fees can be clearly seen and easy to understand, compared to traditional finance where charges are a ‘black box’ and corporate managers can’t always see how they work or are priced.
“Slow things tend to last and be more predictable and secure,” Dorsey quoted, taking a jibe at the traditional tech media’s criticism that bitcoin’s development is much slower than that for other cryptos such as ethereum.
As the former Twitter CEO continued speaking on the asset, he however came down hard on facebook’s Diem project which he believed was a waste of time.
Jack Dorsey: Diem was a waste of time, Meta should’ve focused on BTC
Twitter founder Jack Dorsey was critical of Meta’s failed cryptocurrency project Diem calling it “wasted effort and time,” and that it should have focused its efforts on “making Bitcoin more accessible for everyone.”
Dorsey said that although Facebook might have created Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency.
“This whole thing with Libra and then Diem, I think there’s a ton of lessons there.” Adding, “Hopefully they learned a lot, but I think there was a lot of wasted effort and time.”