Tuesday, September 27, 2022

Former Meta chief takes sides in the Bitcoin/Ethereum debate

In what appears to be a subtle dig at Ethereum, former Meta chief David Marcus has heaped praises on the world’s leading cryptocurrency Bitcoin. His commentary comes at a time when anticipation is in the topmost gear for the Ethereum Merge slated for September.

In his tweet, Marcus expressed that his conviction in the concept of Bitcoin is borne out of the crypto’s predictability and the certainty about it. He also claims that the upcoming upgrade only makes him feel even better about Bitcoin. He wrote in part:

“This is truly not meant to be ETH bashing, but with the upcoming merge, I can’t help but feel great about building on #Bitcoin…”

The Bitcoin/Ethereum Debate

It is worth mentioning that there’s been an age-long debate over which of the two biggest cryptocurrencies by market capitalization, is better than the other. However, the upcoming upgrade has given Ethereum supporters some bragging rights. The upgrade is expected to make Ethereum deflationary. That is, a measure will be put in place to decrease the number of coins entering circulation over time. And as a result, the value of each coin is expected to rise as long as demand remains constant. So, maybe it is a better store of value than Bitcoin.

On the part of Bitcoin, however, its supporters hold on to the fact that the coin is disinflationary. That is, it has the potential to reduce the pressures of inflation. And that’s because it has a constant amount of supply. Bitcoin proponents also argue that the coin can not be influenced, unlike Ethereum whose monetary policy can easily be influenced. 

Marcus was at the forefront of Meta’s failed attempt to launch its own stablecoin. Although the social media giant only formally dropped the Diem stablecoin project this year, Marcus had left them since last November.

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