David Marcus called Bitcoin’s creation the ‘Big Bang for cryptocurrencies’

Former head of Meta’s payments division, David Marcus, said Bitcoin will exist in twenty years’ time and that the asset’s relevance will only grow with time. In his view, Ethereum’s position cannot be judged so unequivocally.

#Bitcoin is truly leaderless, censorship resistant, and has much greater network effects. In essence, it’s unique and cannot ever be replicated. Its creation truly was the Big Bang event of crypto. 2/2

— David Marcus — dmarcus.eth (@davidmarcus) February 1, 2022

“I realized that Bitcoin is the only asset and the L1 network that will continue to exist even in twenty-odd years, with relevance increasing over time. The second place (for other use cases) is still not defined. Ethereum remains the leader for now, but Solana and others are catching up,” he wrote.

Marcus noted the decentralisation of digital gold, its resilience to censorship and the asset’s strong network effects. He emphasised that Bitcoin’s creation was akin to the Big Bang for cryptocurrencies.

In a thread, eToro founder Yoni Assia joked that Marcus had been bitten by a Bitcoin bug. To which the former head of Diem replied:

“That happened a long time ago. Nevertheless, the level of infection over time is only increasing.”

Marcus has indeed long been a proponent of the leading cryptocurrency. As early as 2019, he described himself as “a big fan of Bitcoin” and said he regarded the asset as digital gold.

Does the creator of Libra own Bitcoin? “I’m a big fan of bitcoin and what I see as digital gold,” says @DavidMarcus on #btc pic.twitter.com/Zbkfw1elHy

— Squawk Box (@SquawkCNBC) October 16, 2019

Recall, in December 2021, Marcus announced his departure from Meta, without detailing the reasons for his resignation and remaining silent on his future plans.

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