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Facebook Ex-Vice President: Bitcoin to Replace Outdated Payment Systems

Last Updated January 23, 2024 11:12 AM
Teuta Franjkovic
Last Updated January 23, 2024 11:12 AM
  • Ex-PayPal President David Marcus is committed to revolutionizing the way people pay, and he believes that Bitcoin is the key.
  • Bitcoin has surpassed the stage of existential threats and is well-positioned to withstand various types of challenges.
  • Marcus envisions a future where Bitcoin is the TCP/IP of real-time value transport on the Internet.

David Marcus, former Vice President of Messaging Products at Facebook and ex-PayPal President expressed a strong commitment  to revolutionizing the state of payments.

He highlighted  the outdated nature of current systems, referencing Telex, which was invented in the 1930s, and SWIFT, originating from the 1970s.

Marcus Pledges to Enabling Money Flow with Bitcoin

Emphasizing the need for innovation, Marcus declared his lifelong dedication  to enabling money to flow natively on the internet, with a particular focus on utilizing Bitcoin. He clarified that this modernization of financial transactions is his primary goal and area of work for the foreseeable future.

This is not the first time Marcus envisioned Bitcoin as an ultimate source of free money. Marcus recently shared his views on Bitcoin , distinguishing it from other cryptocurrencies.

Speaking on the “What Bitcoin Did” podcast , Marcus, who is also the founder of the Lightning Network payments protocol Lightspark, expressed a firm belief that Bitcoin stands alone as a unique digital currency. He articulated his “unshakeable conviction” that Bitcoin represents the sole form of neutral internet money that will exist.

He stated :

“Bitcoin has more regulatory clarity than any other crypto asset out there. It is widely accepted by a lot of regulated financial institutions. Fidelity [Investments] has a Bitcoin-denominated 401k, and there are a bunch of spot Bitcoin ETFs that are awaiting approval. Eventually, it’ll happen.

And outside of the US, banks can touch Bitcoin and do, and they want to really embrace the capabilities that Bitcoin brings to the table.”

Bitcoin is Here to Stay and Will Transform Payments

Marcus believes that Bitcoin’s longevity is assured, having surpassed the stage of existential threats. While he acknowledges that such threats are not entirely eliminated, he asserts that among all digital assets, both existing and potential, Bitcoin is significantly better prepared to withstand various types of attacks and challenges.

Marcus believes  Bitcoin could revolutionize online transactions, enabling the seamless transfer of billions of dollars in near real-time. He sees this as an incredibly exciting opportunity to redefine the way financial transactions are conducted globally.

As the CEO of Lightspark, David Marcus plays a pivotal role in leading the transformative journey of Bitcoin.

In September 2023, he emphasized its goal  to evolve Bitcoin into a genuine global payment network. This ambitious undertaking, however, faces significant challenges, particularly regarding Bitcoin’s scalability issues. Despite these concerns, continuous technological developments, especially through the Lightning Network, are being made to enhance Bitcoin’s functionality and scalability.

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