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Former Meta Exec Praises Bitcoin Ahead of Ethereum Merge

Thu, 08/18/2022 - 20:34
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Alex Dovbnya
The creator of Meta’s failed Libra stablecoin took a not-so-veiled swipe at Ethereum in a recent tweet
Former Meta Exec Praises Bitcoin Ahead of Ethereum Merge
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David Marcus, Meta’s former crypto chief, offered some words of praise for Bitcoin in a recent tweet.

Marcus claims that Ethereum’s upcoming merge upgrade actually makes him “feel great” about the largest cryptocurrency.

He praised Bitcoin's stability and predictability, claiming that these two qualities help to generate trust.

Even though it was obviously a dig at Ethereum’s malleability, Markus clarified that he didn’t intend to bash the second-largest cryptocurrency.

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The upcoming merge upgrade is expected to make Ethereum deflationary, which is why its supporters half-jokingly called the cryptocurrency “ultrasound money.”

Even though some define Bitcoin as disinflationary due to its fixed issuance, it is technically an inflationary asset since the number of coins in circulation will keep increasing for roughly a century.

The fact that Ethereum could potentially become deflationary potentially makes it a better store of value compared to Bitcoin. However, the proponents of the original cryptocurrency vehemently disagree since they view Ethereum’s malleable monetary policy as a major downside.

It is worth mentioning that Markus himself has skin in the game. After parting ways with Meta, he launched his own Bitcoin payments startup called Lightspark back in May. The company has received funding from such prominent venture capital companies as Paradigm and Andreesen Horowitz.

Markus was spearheading the social media giant’s ambitious effort to launch its own stablecoin that could potentially revolutionize cross-border payments. Last November, he parted ways with the company to go back to “entrepreneurial roots.” In 2022, Meta (formerly Facebook) ditched the Diem stablecoin project.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.