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.
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
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