By Susie Violet Ward · Forbes · 11 September 2023
In September 2023, David Marcus, former President of PayPal and then CEO of the Lightning Network infrastructure company Lightspark, told CNBC’s Squawk Box that he wanted bitcoin to become a global payment network. He described how bitcoin had matured into a recognised asset, store of value and hedge against inflation, but argued that much of its potential remained untapped, saying, “What we are trying to do is turn bitcoin into a real payment global payment network.”
The article explains that Marcus envisaged a network similar in purpose to PayPal but running on bitcoin, with faster and cheaper transactions that could reach a wider range of users. It notes the challenges involved, including long-standing concerns about scalability, which the Lightning Network was designed to address, and differing regulatory approaches around the world, and says Marcus recognised the need to work with regulators.