- David Marcus, head of Facebook’s Libra project, has said that cryptocurrency adoption has “turned a corner”
- Marcus alluded to the pursuit of Bitcoin by banks and PayPal’s new cryptocurrency platform
- Libra helped push cryptocurrency into the mainstream when it was revealed in 2019
David Marcus, the head of Facebook’s Libra project, has said that cryptocurrency adoption is “turning a corner” following last week’s news of the creation of a PayPal crypto platform. Marcus, whose Libra cryptocurrency plans have taken several since it was announced in mid-2019, took to Twitter to express his excitement about the developments in the space, noting the growing interest in Bitcoin and stablecoins by big players in the traditional finance world.
“Crypto Bandwagon” Just Getting Started
Marcus’ tweet comes after one of the most bullish weeks in Bitcoin’s history, mainly down to the announcement of a PayPal crypto platform, which critics have noted will be a contract for difference (CFD) rather than a ‘pure’ crypto offering.
However, as Marcus points out, the move still points to the presence of household names in the financial world “getting on the crypto bandwagon”, a move that will boost cryptocurrency adoption and acceptance in the wider world.
This acceptance is something that Facebook has been trying to achieve since the company announced their Libra cryptocurrency in 2019. The project received huge regulatory pushback in the weeks following the publishing of the whitepaper however, and has since seen several high profile companies severing ties from the project.
Mainstream Cryptocurrency Use Could Help Libra
Marcus also alluded to the number of banks pursuing Bitcoin, a sentiment that was echoed most starkly on Friday when an investor note from JPMorgan, the bank run by noted Bitcoin critic Jamie Dimon, discussed Bitcoin’s potential to rival gold as an investment.
Marcus will be hoping that the growing presence of cryptocurrency in everyday life will help normalize it and could help Libra gain the acceptance it has so far failed to achieve.