Facebook Ignores Bitcoin, Works on NFTs and Stable Coins Instead

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.

Bitcoin and the Lightning Network are on the eve of being adopted as legal currency by the country of El Salvador in a grand-scale demonstration of all of the virtues Bitcoin has had to offer for years. Facebook hasn’t got a clue.

Marcus even commented, “We’re really falling behind at an alarming rate.”

When asked what the hold up is with releasing Novi, Facebook’s non-private hot wallet, Marcus assured Bloomberg that Novi is “ready now.” But as to why it hasn’t been issued, he said: