Markets, Facebook, Breaking News: Technology, Social Media

Markets, Facebook

Facebook crypto boss: 'I don't think of Bitcoin as a currency'

Facebook crypto boss: 'I don't think of Bitcoin as a currency'

11/7/2019 12:02:00 AM

Facebook crypto boss: 'I don't think of Bitcoin as a currency'

David Marcus, the head of Facebook 's cryptocurrency projects, said Bitcoin is more like an investment than a currency.

@sal19Key PointsDavid Marcus, the head of Facebook's cryptocurrency projects, on Wednesday said that Bitcoin is digital gold, but it's not a good currency for transactions.Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but the drastic upswings and dips that Bitcoin goes through makes it a bad option for people who need a system to send remittances across borders.

California gym refuses to shut down despite governor's orders and rising COVID-19 cases North Carolina city votes to approve reparations for Black residents Twitter blames 'coordinated' attack on its systems for hack of Joe Biden, Barack Obama, Bill Gates and others

David MarcusSimon Dawson | Bloomberg | Getty ImagesDavid Marcus, the head ofFacebook'scryptocurrency projects, on Wednesday said that Bitcoin is digital gold, but it's not a good currency for transactions."I don't think of Bitcoin as a currency. It's actually not a great medium of exchange because of it's volatility," Marcus said speaking at the New York Times

DealBook Conferencein New York. "I see it as digital gold."Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but the drastic upswings and dips that Bitcoin goes through makes it a bad option for people who need a system to send remittances across borders.

That is a key market that Facebook is targeting with its Libra cryptocurrency and Calibra digital wallet. Unlike Bitcoin, libra's value will be tied to currencies like the U.S. dollar and the Euro, which will help it remain stable.Marcus said a key reason that Bitcoin has not been regulated out of existence is because it is not perceived to be a medium of exchange.

"It's an investment class that's decorrelated from the rest of the market," Marcus said. "Why feel threatened by that?"Marcus has been the face of Facebook's libra cryptocurrency and Calibra digital wallet since the company announced the two projects in June. Since then, he has made multiple public appearances, including a

hearingbefore the U.S. Senate, in an effort to spur support for Facebook's cryptocurrency endeavors."People don't use a unit like digital currency of Bitcoin to pay for things just because it's so volatile," Marcus said. "It serves a completely different purpose."

Read more: CNBC »

David Marcus, the head of Facebook's cryptocurrency projects, has the wrong impression of Bitcoin which has its investments aimed at ATM Machines and monetary exchange services. Large truck stops have those ATM's and a map of locations is available online to search for them. While others don't think LIBRA could ever be a currency :/

I don’t think of Facebook as anything Stop it. Bitcoin doesn't care about his opinion. It will continue to slowly give people their financial sovereignty back one day at a time. All libra will ever do is bring people closer to Bitcoin. The virus has a hell of a lot spreading left to do. Our mission at is to build the social news network that ends fake news. Follow us Overlooked_Inc

lol and thinks his crypto is different? LOL the insanity is real. That is why Lightning Network is in the works to ensure transactions can be scaled infinitely. Its a new tech going through its growing up problems but will eventually make Bitcoin a currency that one can transact with! 🇺🇸 11 🍕 ( 03 ) ⚖️ 09 🍕 19 🇺🇸

McDonald's fired its CEO for having a relationship with an employee. Research shows that banning even consensual office relationships protects everyone from an abuse of power.McDonald's fired its CEO for having a relationship with an employee. Research shows that banning even consensual office relationships protects everyone from an abuse of power. (via ConversationUS) ConversationUS Never a good idea to fish off the company dock ConversationUS McDonald's viewed it as CEO's poor judgment. Philippine Supreme Court ruled “If the two eventually fell in love, despite the disparity in their ages and academic levels, this only lends substance to the truism that the heart has reasons of its own which reason does not know.” sexygirl798 ConversationUS I don't care how intelligent people are it doesn't mean they cant make mistakes

Straight A’s for food trucks in Boston don’t quite add upby Mike Beaudet 5 Investigates finds screw in food, employees wiping nose, licking fingers They are trendier than ever, but 5 Investigates discovered what the city tells the public about the cleanl…

China's digital currency will kick off 'horse race': central bank officialChina's digital currency will create a 'horse race' when it is la... Stay away from crypto's - if you want to safe your REAL money. Especially created by China ... Zero trustworthisess. Nothing 'behind'. ;-(

Explainer: Central bank digital currencies - edging toward reality?Central banks are looking at creating their own digital currencies - a stark con... Or become obsolete by the one thing it can’t keep down? Bye old guard intelligence isn’t made like it use to be!!

Hong Kong regulator sets out rules for crypto exchanges to get licensesHong Kong's financial regulator published new rules on Wednesday that would...

After crash, Novogratz tempers expectations but still backs cryptoCryptocurrency investor Mike Novogratz has tempered his expectations after price...