Former Libra head says Bitcoin is a safe and reliable reserve

David Marcus was the co-founder of Facebook’s Libra project, later renamed Diem. He has always been a supporter of Bitcoin, but this time he did more than just reiterate it. 

David Marcus returns to support Bitcoin

He wrote on his Twitter profile that he believes that while Ethereum is the protocol for the decentralized Web, Bitcoin is the safest and most reliable form of decentralized store of value.

I never understood the schadenfreude between the #Ethereum and #Bitcoin communities. These two will end up being complementary. One as a protocol for the decentralized web, the other for the most secure and trusted form of decentralized store-of-value and settlement.

— David Marcus (@davidmarcus) July 18, 2022

After leaving the Novi project, or what was left of Diem (formerly Libra), Marcus became co-founder and CEO of a new project focused on Bitcoin and Lightning Network, Lightspark. 

Previously, before coming to Libra, he had also been at PayPal and Messenger, Facebook’s (now Meta) instant messaging department. 

In May he had announced the launch of his new company, Lightspark, which has as its explicit goal to explore, build and extend the capabilities and utility of Bitcoin. The company’s first step was to create a team to explore Lightning Network in depth. 

A few days ago, he took a rather tough stance against those who oppose Bitcoin mining for environmental reasons, stating that these are the same people who opposed nuclear power for the same reasons, whereas now they consider it environmentally friendly. 

Marcus hopes that sooner or later it will be possible to power Bitcoin mining 100% with renewable energy sources. 

In late June, he had also endorsed the idea expressed by the SEC Chairman that Bitcoin is the only cryptocurrency that is definitely a commodity. 

One-of-a-kind. #Bitcoin https://t.co/PiJY5dU06P

— David Marcus (@davidmarcus) June 27, 2022

Marcus’ reasons for firmly supporting Bitcoin

The former director of Facebook’s crypto project has now become a strong proponent of Bitcoin, if not a maximalist of sorts, so much so that he is now focused precisely exclusively on BTC and LN. 

In some ways, this evolution of his seems to underscore how difficult it is to challenge Bitcoin with centralized projects like that of Facebook. While centralized projects that aim to issue and distribute tokens must inevitably face numerous problems, some of them very difficult to solve, Bitcoin continues to survive without any particular problems, thanks mainly to its decentralization.

The failure of Facebook’s crypto project highlights as never before how difficult it is to operate in this sector without a truly decentralized unassailable core infrastructure. Bitcoin is not only the most truly decentralized crypto project there is, but this is also made exceedingly evident by the fact that, despite everything, no one is really able to modify it or force changes on it. 

This is why it turns out to be safe and reliable, as stated by Marcus.