Bitcoin Reserve Would Be "Wise Decision," Former Meta Executive Says

During a recent  interview with CNBC, former Meta executive David Marcus argued in favor of exchanging a portion of the U.S. government's gold holdings for Bitcoin. He believes that it would be a "wise decision."  

"First of all, if you look at the strategic reserves that the US holds in gold, we are the number one holder of gold in the world. And, arguably, if you think of Bitcoin as a better version of gold…why not allocate a portion of that reserve to the better version?" he said. 

He believes that there are more opportunities for growth and appreciation in Bitcoin compared to gold over the next couple of decades. 

He has added that not selling the confiscated Bitcoin would be "a step in the right direction." 

Such an idea was previously  endorsed by Strategy co-founder Michael Saylor. 

A "brand-new day"

Marcus has also told CNBC that it is a "brand-new day" for crypto in the U.S. 

He is convinced that the cryptocurrency "revolution" will be able to rewire the entire financial system. 

Marcus, of course, was the head of Meta's much-hyped Libra stablecoin initiative, which was ultimately shut down due to regulatory pressure. 

Former Treasury Secretary Janet Yellen adamantly opposed the project together with Federal Reserve officials. 

The former Meta exec claimed that Fed officials allegedly warned banking institutions against working with the Libra stablecoin.

The last remnant of Meta's controversial shut down in mid-2022. 

After leaving Meta (formerly Facebook), Marcus founded his own cryptocurrency-focused company called Lightspark.

Now, Marcus says that he is "very excited" about what is coming next after the US has seemingly warmed up to crypto. "People were very close to the precipice when it comes to falling behind here, so it's really amazing to see" Marcus added.