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Libra head David Marcus calls Bitcoin “Digital Gold”

Bitcoin has been in circulation for almost a decade now, and over the years, people have had different ideas regarding the digital currency. Some have considered the coin as a currency, while some view it as an investment. Recently, the head of Libra, David Marcus, joined the crowd as he expressed his belief by calling the cryptocurrency digital gold.

Note: Bitcoin is the leading cryptocurrency in the market, with a market cap of $166,315,658,951.

‘Bitcoin is digital gold, not a currency’

David Marcus recently expressed his views on the world’s biggest cryptocurrency, Bitcoin, as he called it “digital gold” during the New York Times DealBook Conference. According to the Libra head, it is not right to call Bitcoin a global currency due to its high volatility.

Bitcoin is the past month has seen some wild trends in the charts as the price reached $7,000 region to above $10,000 in just a few hours. These sudden moves in the price discourage merchants and people from making payments using the cryptocurrency.

On 1st November, U.K. Revenue and Customs released a paper stating that Bitcoin and other cryptocurrencies will not be used as a currency, and any further discussions will take place in the future.

Criticism on Facebook’s Libra

Since its announcement, various critics have raised questions regarding the development of Libra. These critics involve Ethereum’s co-founder Joe Lubin as well, and the newest addition in the list is CNET founder Halsey Minor.

Libra is presented as a stable cryptocurrency that is backed by several assets, including USD and Euro. People have been questioning its legitness, and the government authorities are concerned about its launch.