By
Godfrey Benjamin
April 23rd, 2024
Former exec at Meta David Marcus has praised Bitcoin and its capabilities ahead of the highly-anticipated Ethereum Merge.
A former Meta exec recently expressed faith in the stability and predictability of Bitcoin (BTC) stability and predictability even ahead of the upcoming Ethereum Merge.
In a recent tweet, David Marcus suggested that September’s Merge upgrade of the prominent altcoin network augurs well for BTC. However, the former crypto head at Meta stated that his statement was not a veiled attempt at undermining Ethereum. Marcus’ message read:
“This is truly not meant to be ETH bashing, but with the upcoming merge, I can’t help but feel great about building on #Bitcoin. The lack of uncertainty and the predictability of the network over a very long time generates trust and stability.”
The former Meta exec’s statement about Bitcoin and Ether sparked a lot of reply threads. Although some Twitter users agreed with Marcus’ sentiments, others questioned what they perceived as a failed attempt at harmlessness. One user asked the one-time creator of Meta’s failed Libra stablecoin why he mentioned Ethereum and the Merge at all. Another Twitter follower seemingly cast aspersions on BTC’s security outlook, saying “and Bitcoin’s long-term security budget doesn’t concern you?”
Trail of Ex-Meta Exec Association with Bitcoin
Marcus’ affinity for Bitcoin is well-documented. After exiting his role at Meta, he set up a Bitcoin payments start-up called Lightspark in May. At the time, the former Meta exec also posted a message to Twitter heralding the initiative:
“I wanted to share that we are starting a new company called @lightspark to explore, build and extend the capabilities and utility of #Bitcoin. As a first step, we’re actively assembling a team to dive deeper into the Lightning Network.”
The start-up received funding from a horde of venture capital outfits, most notably Andreessen Horowitz (a16z) and Paradigm, who were co-leaders.
Marcus’ Bitcoin-focused initiative came amid the general crypto marketplace meltdown. However, the American entrepreneur and former president at PayPal chose to identify the unsavory clime as an opportunity. According to one of his tweets on May 12th, 2022, “Downturns are good moments to focus on building and creating value with mission-aligned people. We’re excited to dive into Lightning, learn more, and work alongside the community.”
While serving as Meta’s crypto chief, Marcus helmed the company’s lofty attempt at establishing its own stablecoin Diem (formerly Libra). This was with the long-term view of potentially revolutionizing the cross-border payments landscape. However, the initiative failed to get off the ground, and last November Marcus parted ways with Meta to face his own entrepreneurial plans.
In 2022, Meta scrapped the Diem stablecoin initiative altogether.
The Merge
The Ethereum Merge, slated to occur on September 19th, is one of the most anticipated events in the crypto space. The Merge is an upgrade for the multifaceted blockchain from proof of work (PoW) to proof of stake (PoS).
The overarching purpose of the Merge is to enhance Ethereum’s overall performance, thereby saving energy, boosting transaction speed and improving scalability.