Ex-PayPal president aims to turn Bitcoin into a global payment system

Ex-PayPal president aims to turn Bitcoin into a global payment system

In a recent interaction with CNBC’s Squawk Box, former PayPal President and current Lightspark CEO, David Marcus, shared his ambitious vision for Bitcoin. Marcus intends to metamorphose Bitcoin into a “universal protocol for money on the internet”, hinting at its potential as a global payment network.

Bitcoin’s foray into mainstream finance has been unmistakable. This is particularly evident in the spike of Spot Bitcoin ETF applications, many of which hail from renowned financial asset management giants like BlackRock and Fidelity. However, Marcus’s excitement seems to revolve more around Bitcoin’s Lightning network than these mainstream financial endeavors.

From Traditional Finance to Decentralized Payment Networks

While Bitcoin has always been the poster child for cryptocurrencies, recent trends indicate a more pronounced shift towards mainstream acceptance. This surge in interest from the traditional finance sector underscores Bitcoin’s enormous potential.

In his conversation with CNBC, Marcus elucidated his vision for Bitcoin, placing emphasis on the revolutionary capabilities of the Lightning network. Our objective is to mold Bitcoin into a global payment network,” remarked Marcus. Drawing an analogy to the outdated fax technology, he emphasized, “We’re still navigating the ‘Fax era’ of global payments. Our mission is to modernize this.”

Elaborating further, Marcus spoke about the potential universality of the Lightning Network, highlighting its potential to seamlessly cut across international borders.

He further emphasized the absence of a unified protocol for digital money transactions over the internet, remarking, “There currently isn’t a universal protocol for online monetary transactions that truly facilitates the transmission of value over the web.” Marcus’s comments also drew attention to the physical constraints of conventional finance, particularly concerning international wire transfers. Through Bitcoin and its underlying technologies, Marcus envisions a world where these physical limitations are rendered obsolete.

With such stalwarts like Marcus rallying behind Bitcoin‘s potential not just as an asset but also as a transformative payment technology, the future of Bitcoin appears both promising and dynamic.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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