Facebook Libra Boss Call Bitcoin as Digital Gold, But…

Head of Facebook Cryptocurrency Project David Marcus recognizes Bitcoin as digital gold but is not a good currency for transactions.

“I do not feel Bitcoin as a currency. Bitcoin is actually not the best medium for exchange because of its volatility,” said David Marcus on Thursday (11/07/2019). “I see Bitcoin as gold.”

According to Marcus, Bitcoin is like Gold because this cryptocurrency can be saved as an investment just like real gold but its volatility makes Bitcoin a bad option for humans who make the best system for sending money between countries.

This is what Facebook is aiming for with Libra and the Calibra digital wallet. Unlike Bitcoin, Libra will later be linked to major world currencies such as the US dollar and the euro so that the exchange rate is not too volatile and more stable.

David Marcus explains the main reason Bitcoin has not been regulated because its existence is not considered a medium of exchange.

Facebook Libra is the embodiment of Mark Zuckerberg’s dream, Facebook boss, who wants to send money as easily as sending a message. However, this cryptocurrency received a lot of opposition from the world’s central bank because it was considered to have a systemic impact on the financial system if Libra had problems.

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