David Marcus, the head of the Calibra wallet for Libra is the latest public figure to talk about Bitcoin, the largest cryptocurrency by market capitalization. According to David, Bitcoin is digital gold and not a currency.
While speaking at the New York Times DealBook Conference last week, David Marcus said, “I don’t think of bitcoin as a currency,”. He went on to say that Bitcoin isn’t a great medium of exchange and continued; “I see it as digital gold.
The comparison between Bitcoin as gold or currency isn’t new to the crypto community though, however, a comment from the lead executive of Facebook which is scheduled to launch its own cryptocurrency makes it the hot topic. David Marcus’s views on bitcoin look a pretty bullish as it coincides with the bitcoin proponents who once said Bitcoin as a digital token could eventually reach gold’s $8 trillion market value.
Notably, at the time of reporting this, the total value of all bitcoin accounts to $159 billion. Undoubtedly, Bitcoin is a volatile cryptocurrency – the coin had lost its major value in late 2017 before trading at the mark of $8825 against USD at the time of reporting. Despite the crash, the community remained hopeful and expects it to eventually rise to new all-time highs.
On the other side, Facebook-led Libra hasn’t still cleared the blocks of regulators, especially in the United States as they continued viewing Libra as a threat to national sovereignty. Among all criticizing remarks on Facebook’s Libra, U.S. President Donald Trump’s public comment against Facebook still rings the risk for the financial industry. On the contrary, Facebook has been striving to assure global regulators that it wants to work with regulators and policymakers but nothing turned out in favor of Facebook’s effort to launch its cryptocurrency yet.
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