BTC - Head of Facebook's Libra project says what we already know... by jrcornel

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BTC - Head of Facebook's Libra project says what we already know...
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# David Marcus says what we already know...

David Marcus is the head of Facebook's crypto division, and more specifically, its Libra project.

If you don't recall, Libra is the cryptocurrency Facebook was developing, along with several other major companies, in order to bring cryptocurrency to the Facebook platform as well as to the masses.

David Marcus said in an interview last week why Bitcoin isn't likely to face the same troubles that Libra has been facing with regulators....

His reasoning you may be wondering?

It's digital gold.

From Marcus's interview...

> "I donโ€™t think of bitcoin as a currency. Itโ€™s actually not a great medium of exchange because of itโ€™s volatility. I see it as digital gold."

> "[Bitcoin is] an investment class thatโ€™s decorrelated from the rest of the market. Why feel threatened by that?"

(Source: https://www.forbes.com/sites/billybambrough/2019/11/11/facebooks-crypto-boss-is-surprisingly-bullish-on-bitcoin/#2eac70ff1867)

# Bitcoin is digital gold

According to Marcus, and I mostly agree, the reason bitcoin has been "allowed" to grow up whereas Libra and others like it are being choked out is due to the fact that it's not a threat to the dollar.

Regulators realized early on that bitcoin wasn't anonymous and that it was more of an investment than a currency due to its slow transaction times as well as its volatility.

It's an uncorrelated asset class.

Where's the threat in that?

By comparison, Libra is competing directly with the US dollar as well as other fiat currencies.

Anytime that is happening, regulators around the world are going to be quick to try and stamp it out.

# A feature and not a bug...

The fact that bitcoin hasn't innovated enough to be widely used in payments is more of a feature than a bug in my opinion.

If it were a direct competitor to the dollar it would face a lot more headwinds than it already does.

Let it remain unchanged and immutable and grow up to be the greatest store of value in the world.

There's more than enough runway there.

If it eventually takes over as a global currency as well, so be it, but if it tries to do that right now it will be regulated out of existence, just like they are doing with Libra.

At this point I would be surprised if Libra ever even launches.

Those are my thoughts anyways.

Stay informed my friends.

Image Source:

https://www.forbes.com/sites/billybambrough/2019/11/11/facebooks-crypto-boss-is-surprisingly-bullish-on-bitcoin/#2eac70ff1867

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@zacknorman97 · 
I do have to agree with Mr. Marcus. Considering the volatility and availability of Bitcoin, it's more comparable to commodity, like precious metals, rather than currency, like the Dollar. 

And I do agree with you, that the main reason why Bitcoin has remained relatively unconstrained for so long, is that it doesn't compete with traditional monetary instruments, like the Dollar, Euro, Yen, etc.

Personally, I can't see the likelihood for big stablecoins like Libra having an easy future. There's no central bank or government in the world that will allow for corporations to compete with their currencies. If anything, I think we're more likely to see state-backed/issued stablecoins, rather than Libra.

If anything, China's launching a digital yuan soon, and the EU may soon mint their own [digital euros](https://www.finextra.com/newsarticle/34677/german-banks-call-for-digital-euro).
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@jrcornel · 
Yep, exactly. Any crypto's that main selling point was that of a currency is in for a rude awakening. Platform tokens and bitcoin are just about all that have a real use case in my opinion.
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