Facebook’s Libra Co-Creator Thinks Bitcoin is Not a Currency

Head of Libra and Vice President of Facebook Messaging has his say on Libra's next steps and Bitcoin. Speaking as a guest on CNBC, David Marcus initially talked about Libra setbacks, stating that Libra, Calibra, and Facebook would need time to allow digital money access and services to form for users around the world. 

Anyone with a smartphone can make calls and texts for free, although the same thing has not happened with finance. Rich or poor, internet services are the same price, yet banking services are actually more expensive for the poor.

Marcus further discussed Banking and regulation, adding these conversations will be key with Libra development ramping up and adding in more advancement starting soon. 

Cross border transactions on average cost 7%, take 3 working days to process and then users must approach a pickup location to receive the exchanged money. This leads to a lot of crime and safety problems during collection. Libra aims to be a settlement payment tool for these exact problems. Cutting costs and lowering borders of access for everyone around the world. 

Regarding Bitcoin, Marcus had these thoughts on it as a currency: "I don't think of it as a currency, due to volatility I see it more as digital gold. It is not a good medium of exchange." 

As to why it has survived regulation he added: "Bitcoin has survived 11 years and been through a lot. It has not been regulated into oblivion because it is not seen as a medium of exchange. If it is decorrelated from the rest of the market, then there is no threat."

Libra continues to push forward as they hire more staff, communicate with governments and development their platforms with other founding members in the Association. In spite of all Libra's problems, there are no signs of a slowdown yet. 

Image via Blockchain Technologies