Liputan6.com, Jakarta – Former PayPal Chairman David Marcus shared a bold vision for bitcoin, aiming to turn it into a global payments network at CNBC’s recent Squawk Box event.

Marcus, who is currently CEO of Lightning Network infrastructure company Lightspark, highlighted the need to expand Bitcoin’s role beyond just a store of value.

Marcus explains that over the past decade, Bitcoin has made incredible progress, evolving from an obscure digital currency to a recognized store of value and hedge against inflation.

“However, the potential of Bitcoin has yet to be fully exploited and it can play a broader role in the global financial landscape,” said Marcus, quoted by Coinmarketcap, Tuesday (10/17/2023).

Marcus added that Bitcoin has the potential to become a global payments network, operating on a decentralized Bitcoin network, similar to PayPal but with different advantages.

Fast transactions

He highlighted the need for Bitcoin to develop further, offering faster, cheaper and more efficient transactions, ultimately making it accessible to a wider audience.

As CEO of Lightspark, Marcus is actively contributing to efforts to expand Bitcoin’s utility in this direction. He is committed to doing everything in his power to unlock the full potential of the Bitcoin Lightning Network, stating.

“Because it’s time for the world to have an open, universal payments protocol,” Marcus said.

However, this ambitious goal comes with its own challenges. Bitcoin’s scalability problem remains a concern. Ongoing technological advancements, such as the Lightning Network, are poised to solve these problems and improve Bitcoin’s capabilities.