David Marcus, co-founder and board member of Libra, states that he is excited about the recent influx of crypto support from big companies like PayPal.
Marcus wrote on his Twitter account on October 25 saying that Facebook’s Libra project appears to have lost momentum after several deviations from partners such as Stripe, Visa, Mastercard, Vodafone, and eBay emerged. In a Twitter thread, a user requested an update to launch Libra.
Paypal is Shaking Up Things for Crypto
David Marcus shared his thoughts on the latest moves by IT and major payment companies to use Bitcoin.
Unlike MicroStrategy and Square, the US payment giant, PayPal has allowed its users to buy, sell and store bitcoin along with ETH, BCH, and LTC, with the prospect of adding BTC as a means of payment next year.
The number of PayPal users is in the millions, and everyone can now enter Bitcoin. When the news came out last week, Bitcoin surged above $ 12,500 and hit a high of $ 13,200. Bitcoin hit $ 13,370 over the weekend.
Reactions were mixed among experienced bitcoiners, with some users being warned not to allow PayPal to store cryptocurrency for them because of known restrictions.
Has Libra Turned a Corner?
Facebook’s Libra project has appeared to have lost momentum after suffering a string of high-profile departures from partners including Stripe, Visa, Mastercard, Vodafone and Ebay, among others. On the Twitter thread, users asked for an update on the Libra launch.
Marcus stated that it was exciting to see more financial services firms large-scale getting into crypto gangs. Many banks are now looking for support for BTC and stable coins following this week’s announcement by PayPal. We are turning the corner, he said.
His remarks echo the predictions of Virgo Galactic President Chamat Palihapitiya, who also said on Thursday that Bitcoin is no longer “optional” for large institutions. Several companies have added bitcoin to their reserves in recent weeks and months to reduce the risk of inflation in fiat currencies.
JP Morgan Analyst Praises BTC and Cryptocurrencies
JP Morgan analyst Nikolaos Panigarzoglu who wrote the report also said that cryptocurrency could be more than just prosperity in the long term. He also noted that every move from gold was good for bitcoin.
As the former president of PayPal and the co-founder of Libra, Marcus has a long history at PayPal. He has however, retired to manage Facebook’s messaging product.
Last fall, PayPal pulled out of the Libra partner group and is now accepting Bitcoin. Some experts believe the next step for PayPal will likely be launching its crypto, most likely a stable coin.