RATE Group | Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”
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Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”

11 Nov Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”

Posted at 21:16h in Bitcoin News by

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Last week, speaking at the New York Times DealBook Conference, David Marcus, the head of Facebook’s cryptocurrency projects, called Bitcoin “digital gold,” while simultaneously arguing that the coin is not a good currency for transactions:

“I don’t think of Bitcoin as a currency. It’s actually not a great medium of exchange because of it’s volatility,” Marcus said. “I see it as digital gold.”

Many have made the comparison between Bitcoin and gold in the past, with those most bullish on the leading cryptocurrency hoping that it will eventually surpass gold’s $8 trillion market value. Currently, the total value of all Bitcoin is $160 billion, about 50-times less than gold.

Bitcoin: Digital Gold

Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but that the fluctuations in value currently associated with Bitcoin make it a bad choice for people who need a reliable system to send remittances across…

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