Facebook Ignores Bitcoin, Works on NFTs and Stable Coins Instead

August 25, 2021

David Marcus, co-creator and a board member of Diem (formerly known as Libra), which is a centralized cryptocurrency project initiated by Facebook, emphasized in an interview with Bloomberg on Tuesday, that the company simply doesn’t understand Bitcoin, and continues to flounder on delivering even its own altcoin project, or a single NFT.

Marcus confidently told Bloomberg that “we think the world needs a better payment system.” He implied that after all these years, Facebook is nearly ready to deliver the solution.

It is unfathomable how a company with access to the lion’s share of the world’s computing power has failed to understand that Bitcoin has already solved the problems of final settlement, near-instantaneous transactions, monetary privacy, permissionless money, and commission-free remittance.