Bitcoin vs. Traditional Currency: Why does David Marcus consider it 'the only one'?
Recently, former PayPal president David Marcus publicly stated that he firmly believes Bitcoin is the only true neutral internet currency, sparking widespread discussion in the market. As someone who played a significant role in promoting financial services at PayPal and Facebook, his views are not unfounded. So why has Bitcoin received such high praise? Can it truly become the most important decentralized currency in the world?
We will analyze Bitcoin's uniqueness and whether it truly possesses 'uniqueness' from multiple angles, including technology, financial systems, regulation, and market trends.
1. Why can Bitcoin be called a 'neutral currency'?
David Marcus believes that Bitcoin is the only neutral internet currency, primarily due to its decentralization and censorship-resistant characteristics.
✅ Absolutely decentralized
Bitcoin's network is maintained by global miners and nodes, free from control by any single country or company. In contrast, fiat currencies are issued by national central banks, and stablecoins (like USDT, USDC) still rely on centralized institutions. Even other cryptocurrencies, like Ethereum, are subject to the strong influence of foundations or core development teams, while Bitcoin's development governance is relatively more decentralized and entirely relies on global consensus.
✅ Monetary policy is constant and not subject to human intervention.
The total supply of Bitcoin is fixed at 21 million coins and will not experience inflation due to central bank policy adjustments like fiat currencies. The nature of the traditional monetary system is credit, allowing governments to freely expand the money supply, while Bitcoin's supply is coded and not controlled by any single entity. This transparent and fixed monetary policy gives it a high degree of neutrality globally.
✅ Not subject to political censorship.
In recent years, the international financial system has increasingly been used as a political tool. For example, in 2022, Russia faced disconnection from SWIFT, some countries' foreign exchange reserves were frozen, and even individuals' bank accounts were frozen for political reasons. In contrast, Bitcoin is not controlled by any national government and can be used by anyone, unaffected by borders, sanctions, or the banking system.
2. Competitor Analysis: Why can't other digital assets replace BTC?
Although Bitcoin is the king of cryptocurrencies, there are still potential competitors in the market, such as Ethereum (ETH), stablecoins (USDT/USDC), and central bank digital currencies (CBDC). Do they have the potential to replace Bitcoin?
❌ Ethereum (ETH) — King of Smart Contracts, but not a global reserve asset
While Ethereum has stronger applications, such as DeFi and NFT ecosystems, its monetary policy is not fixed and still relies on foundations and core developers to drive upgrades. In the long run, it resembles a decentralized computing platform rather than a global store of value.
❌ Stablecoins (USDT/USDC) — Centralized currencies, lacking neutrality.
Stablecoins are pegged to the U.S. dollar and have high liquidity, but they are still controlled by centralized companies (Tether, Circle), posing compliance risks. For instance, the U.S. Treasury can freeze USDT addresses or even shut down these companies directly. Therefore, they do not possess the censorship-resistant characteristics of Bitcoin.
❌ Central Bank Digital Currency (CBDC) — More like an enhanced version of fiat currency.
Central banks around the world are exploring digital currencies (CBDC), but they remain state-controlled monetary systems. For example, China's digital yuan (e-CNY) and Europe's digital euro (e-Euro) are still digital versions of fiat currency and cannot be considered true decentralized internet currencies.
From the above analysis, Bitcoin's neutrality in the global monetary system is indeed unique, and David Marcus's viewpoint is not without basis.
3. Long-term Trend: Will Bitcoin become a true global reserve currency?
The global recognition of Bitcoin is continuously increasing, especially with the entry of institutional investors, further solidifying its monetary attributes.
🔹 Institutional subscription to Bitcoin ETFs.
Since the approval of the Bitcoin ETF in January 2024, U.S. institutional investors have been increasingly allocating funds to BTC, with financial giants like Grayscale, BlackRock, and Fidelity promoting Bitcoin investment products. This influx of institutional capital has greatly enhanced BTC's global financial status.
🔹 National-level holdings are gradually increasing.
Some countries have begun to include Bitcoin in their national asset reserves. For example:
• El Salvador has become the first country in the world to declare BTC as legal tender and continues to increase its BTC reserves.
• Companies like Tesla and MicroStrategy also continue to hold BTC as part of their balance sheets, further solidifying Bitcoin's position as a store of value.
🔹 Global uncertainties are increasing, enhancing Bitcoin's safe-haven properties.
The global economy in 2025 is filled with uncertainties, including geopolitical risks, inflation pressures, and a decline in U.S. dollar credit, prompting more investors to seek Bitcoin as a means of value storage. Bitcoin may not completely replace fiat currencies, but its role as 'digital gold' is becoming increasingly important.
4. Conclusion: What is the ultimate fate of Bitcoin?
From the perspectives of decentralization, monetary policy, and global trends, Bitcoin indeed possesses the conditions to become a global neutral currency. David Marcus's viewpoint is not mere talk, but a conclusion drawn from Bitcoin's uniqueness compared to the traditional financial system.
But the question is, how will the future of Bitcoin evolve? Will it become a major global reserve currency? Or will it remain just 'digital gold', occupying a place in global asset allocation?
What is your opinion? Feel free to leave a comment and discuss!👇
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