The creator of Meta’s failed Libra stablecoin took a not-so-veiled swipe at Ethereum in a recent tweet
David Marcus, former crypto chief of Meta, Free a few words of praise for bitcoin in a recent tweet.
Marcus says Ethereum’s upcoming merger upgrade makes him “feel good” about the biggest cryptocurrency.
He praised Bitcoin’s stability and predictability, saying both of these qualities help generate trust.
While this was obviously a dig into Ethereum’s malleability, Markus made it clear that he has no plans to mint the second-largest cryptocurrency.
The upcoming merger upgrade is expected to make Ethereum deflationary, which is why its proponents have 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 continue to increase for about a century.
The fact that Ethereum has the potential to become deflationary potentially makes it a better store of value compared to Bitcoin. However, proponents of the original cryptocurrency vehemently disagree as they view Ethereum’s malleable monetary policy as a major downside.
It’s worth mentioning that Markus himself has skin in the game. After parting ways with Meta, he launched his own bitcoin payments startup called Lightspark in May. The company has received funding from leading venture capital firms such as Paradigm and Andreesen Horowitz.
Markus was spearheading the social media giant’s ambitious efforts to launch its own stablecoin that could potentially revolutionize cross-border payments. Last November, he parted ways with the company to return to “entrepreneurial roots”. In 2022, Meta (formerly Facebook) abandoned the Diem stablecoin project.