In a interview On Monday, David Marcus, former president of Paypal and head of Facebook Payments, expressed his belief on CNBC that Bitcoin (BTC) is the universal protocol for money on the Internet.
He highlighted Bitcoin’s significance as a flagship cryptocurrency and its core value as a payment solution, while discussing its potential as a global payment network.
Bitcoin as a universal protocol for internet money
Despite going through a challenging period and facing several headwinds in recent months, Bitcoin continues to lead the cryptocurrency market. According to Marcus, Bitcoin’s prominence is not only due to its market position, but also to its ability to serve as a universal protocol for internet money.
Marcus highlighted the lack of a universal protocol for transferring value on the Internet, stating: “There is no universal protocol for money on the Internet that can transport value.”
He explained that the vision is to transform Bitcoin into a global payment network, providing a seamless and efficient way to transfer value across borders.
One of the benefits Marcus mentioned for Bitcoin is its availability and accessibility. Unlike traditional financial systems, where individuals may face fees and the need to visit a branch during limited hours, Bitcoin operates 24/7.
This inherent feature of Bitcoin provides greater convenience and flexibility, allowing users to transact at any time, including weekends.
While acknowledging Bitcoin’s potential as a payment network, Marcus noted that its primary function may not be as a means of payment for everyday purchases. He stated: “Our view is that BTC is not the currency that people will use to buy things.”
However, he emphasized Bitcoin’s role as the universal protocol for money on the Internet, allowing secure and efficient transfer of value between different digital platforms.
As Bitcoin continues to gain attention and recognition, Marcus’ support solidifies its position as a flagship cryptocurrency and strengthens its potential as a universal internet money protocol.
BTC trading volume reaches its lowest level since 2019
According to data from the Satoshi Club, Bitcoin is experiencing a significant decline in its daily trading volume, reaching its lowest point since February 2019 at just $5.4 billion.
This decline is attributed to a lack of market enthusiasm following the collapse of FTX. Additionally, Bitcoin’s price fell to $24,900 on Monday, its lowest level since June, adding to concerns about a possible long-term decline in the near term.
Bitcoin’s declining daily trading volume indicates a prevailing apathy among traders, with reduced participation and a lack of significant buying or selling activity. This trend is reminiscent of market sentiment following the FTX collapse, which has had a lasting impact on investor confidence.
Of particular note, Bitcoin’s price fell to $24,900 on Monday, reflecting a downtrend that has persisted since BTC hit its annual high of $31,800 on July 14.
This decline has heightened concerns among market participants about the possibility of a prolonged downward trajectory for Bitcoin in the coming weeks.
The cryptocurrency has successfully regained the $25,000 level; however, within just a few hours of Monday’s trading session, the price continues to fall by more than 1.5%.
Featured image from iStock, chart from TradingView.com