Bitcoin and the crypto market, as a whole, have had some troubles with Libra. Libra is a crypto project belonging to social media guru, Facebook, and is supposed to launch next year. There are some people who have even suggested that tech firms would be well off using BTC as opposed to coming up with a centralized alternative. This is what Twitter, a multi-blogging platform is currently doing.
Bitcoin Is A Digital Gold, Says Marcus
David Marcus is the head of crypto projects at Facebook. He has been so vocal in the crypto space of late. According to him, he thinks Bitcoin is a digital gold. He pointed out that the coin continues to serve entirely different purpose while it is held back by its high volatility. He made the comments at the Dealbook Conference that was organized by the New York Times. Marcus does not think of Bitcoin as a currency. In the past, a comparison has been made between gold and Bitcoin.
Those who are mostly bullish on the crypto coin hopes that the token could soon surpass the market value of gold that is at $8 trillion. At the moment, the total value of all Bitcoin is at $160 billion. That is actually fifty times less than gold.
Hope For A Better Future
Keen observers of the crypto and Bitcoin market had hoped that the prices might become stable as the market grows. That didn’t happen. Instead, Bitcoin has continued to make daily market moves way beyond the normal currencies, company stocks, as well as other commodities. The price of BTC was heavily sold off in 2018. In the first half of 2019, it rebounded strongly. This followed the fact that various tech firms had started to take keen interest not only on the crypto coin but also in Bitcoin.
World Leaders Speaking Against Libra
Facebook unveiling its plans for a crypto coin was seen by many as a tacit endorsement of the blockchain technology and Bitcoin. This made the latest bull for Bitcoin to stall, as the investors feared that it could lead to more regulations.
Facebook’s plans with Libra have been opposed by regulators, politicians and world leaders. One of them is the president of the United States of America, Donald Trump. Some of these leaders have even suggested that Libra could be a platform for promoting criminal acts. Some have also suggested that it can undermine the control of the economy by the central bank.
Facebook’s Great Assurance
The social media giant has made assurance that it would work with governments and regulators around the globe to create Libra. It has further distanced the project from the current virtual coins, particularly Bitcoin. Libra was introduced to the public for the first time at the beginning of this year.