Former PayPal president and Lightspark CEO David Marcus is trying to turn Bitcoin into a global payment network. ARK Invest CEO Cathie Wood talks about the convergence between Bitcoin and artificial intelligence. Wood suggests this will bring explosive growth for both.
Former PayPal president: Bitcoin can turn into a global payment network!
Speaking to CNBC, David Marcus discusses Bitcoin’s potential as a “universal protocol for money on the internet.” Bitcoin has emerged in the traditional financial sector in recent months with a number of Spot Bitcoin ETF applications. These applications from traditional financial asset management companies such as BlackRock and Fidelity were especially effective. Alternatively, Marcus discusses his hope for the potential of the entity via the Lightning Network.
Bitcoin has long been the most prominent and relevant crypto asset from a mainstream perspective. However, it seems to have taken a bigger step in recent months. Especially as the traditional financial industry looks to tap into Bitcoin’s enormous potential. In this context, David Marcus discusses attempts to turn Bitcoin into a “global payment network”. Marcus explores the potential of the lightning network and how it could work to elevate financial transactions on a mainstream scale. “What we are trying to do is turn Bitcoin into a global payment network,” Marcus said. “We’re still in the fax era of global payments, and that’s what we’re trying to solve.” says.
“There is currently no universal protocol.”
David Marcus says there is a similarity between what they hope to achieve through the Lightning Network and text. In particular, it draws attention to the universality of technology that transcends global barriers. “There is no universal protocol for money on the internet that allows value to move across the internet,” Marcus adds. He then questions the physical necessity of traditional finance for international wire transfers. Thus, he expresses the hope of eliminating this requirement with Bitcoin.
Cathie Wood: Bitcoin is about to witness explosive growth
ARK Invest CEO Cathie Wood believes that the convergence between Bitcoin (BTC) and artificial intelligence (AI) will lead to a meteoric rise in the adoption of both technologies. In this context, Wood says he looks at BTC and AI adoption S-curves. The S-curve is a mathematical graph that shows the rate at which users adopt a new product or technology.
According to Wood, both Bitcoin and AI are about to reach the S-curve phase, where users adopt the technologies at an unprecedented rate. The head of ARK Invest underlines that the convergence between BTC and artificial intelligence can greatly speed up the process. In this context, the CEO of ARK Invest makes the following statement:
New technologies start slow, then gain momentum. Eventually you get to the steep part of this S-curve. I think we are at a very similar point in terms of both Bitcoin and artificial intelligence. Both are heading towards the steep part of the S-curve. So you have S-curves that feed into the S-curves and create opportunities for explosive growth potentials.
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