David Marcus says Bitcoin could be a ‘global payment network’

• Lightspark CEO says Bitcoin could help transform global payments.
• David Marcus explained his view today on CNBC’s “Squawk Box”.
• Bitcoin is currently down about 20% versus its year-to-date high.

David Marcus – the Chief Executive of Lightspark sees a big future for Bitcoin that’s down 20% versus its year-to-date high at writing.

Bitcoin could transform global payments

Marcus has a vision for the world’s largest cryptocurrency that goes well beyond its current stature as a store of value only.

On CNBC’s “Squawk Box”, he asserted that Bitcoin actually had the potential to play a significant role in making global payments as seamless as texting.

What we’re trying to do is turn Bitcoin into a real global payment network. We’re still in the fax era of global payments. That’s what we’re attempting to solve.

Marcus finds the existing fintech apps somewhat inadequate in facilitating cross-border payments. He has previously served as the president of PayPal Holdings Inc.

Bitcoin is not a currency for everyday use

Lightspark is committed to addressing the scalability issues surrounding Bitcoin and making Bitcoin transactions both faster and cheaper.

But the goal is not really to turn Bitcoin into a currency that can be used for everyday transactions, he added in his interview with CNBC today.

Bitcoin on top of Lightning is like a small data packet only for value. You can exchange at edges of network and send dollars to someone who’ll receive Yen or Euros.

Marcus admitted the need to work closely with the regulators to unlock the full potential of Bitcoin in revolutionising the global payment ecosystem.