ByBit
0
📰 News
365 views

I'm a Big Fan of Bitcoin, Libra's Chief David Marcus Says

  • Yuri Molchan
    📰 News

    Libra’s co-creator David Marcus admits that he considers Bitcoin to be digital gold and has been looking into it since 2012

I'm a Big Fan of Bitcoin, Libra's Chief David Marcus Says
Cover image via en.wikipedia.org
Contents

During a recent interview to CNBC, a Libra’s co-creator, David Marcus, said that he is a great fan of Bitcoin. Still, he admitted that Libra is going to bear no similarities to it, since BTC is highly volatile.

On the other hand, he admits that if Libra were not backed by fiat currencies, it would not have faced so much resistance from global regulators.

David Marcus is positive on Bitcoin

Although, the head of Libra did not exactly say he owns any BTC, when answering to the anchor’s question, he did admit that he is a fan of Bitcoin. He also admitted that even though many believe that Bitcoin could solve the problem of fast and cheap remittances and inclusion of the unbanked into the world’s current financial system, he said that Libra is going to be different.

It is not going to be volatile, since it will be backed by a basket of fiat currencies of several countries.

“I’m a big fan of Bitcoin what I see as digital gold and totally different [to Libra]."

He also added:

“If there was a stable, low-volatility, scalable version of Bitcoin that we could use today, my life would be so much simpler. We could just focus on embedding that in the Calibra wallet.”

👉MUST READ

XRP Price Is about to Repeat the 2017 Surge Due to Swell Conference, Traders Say

XRP Price Is about to Repeat the 2017 Surge Due to Swell Conference, Traders Say

Libra about to replace the ‘deserters’: PayPal, Visa, Mastercard, etc

Several more members have left the Libra Association, following the suit of PayPal. Among those companies are the giants Mastercard, Visa, eBay, Stripe and Booking Holdings.

Instead, Libra Association has found about 180 new candidates to be considered for replacing the members that have left.

As reported by U.Today earlier, France and Germany have promised to prevent any development and circulation of Libra in the EU and the Ripple CEO Brad Garlinghouse expressed his doubts that Libra is going to launch in the near future.

 

Do you believe that Libra will finally launch or regulators will ultimately shut it down? Share your thoughts in the comments section below!

Join our Telegram channel to get news even faster!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
41 views

54% of Richest Binance Users Keep Their Portfolio Between 1-10 Coins

  • Vladislav Sopov
    📰 News

    New research reveals that the richest institutional and VIP clients avoid portfolio diversity, use USDT, and still believe in Bitcoin.

54% of Richest Binance Users Keep Their Portfolio Between 1-10 Coins
Cover image via 123rf.com
Contents

Binance Research recently published their second Institutional Insights Report, highlighting the structure of the investments, trading strategies, and approach to stablecoins. The report analyzed the positions of 76 participants speaking English & Mandarin Chinese, primarily from investment firms, funds, and institutions.

Fat Cats Go 'All-In'

One of the most interesting outcomes from the recent report is the structure of investment portfolios held by VIP and institutional clients. It was disclosed that 54% of respondents kept their cryptoasset portfolio between 1-10 coins. While the majority invested in a broad range of asset classes such as equities, currencies, fixed-income products, real estate, and commodities (including gold), 35% of respondents were crypto-focused with more than 80% allocated to crypto assets.

Thus, we can see that one in three major investors is highly "crypto-focused". New classes of rich people, whose portfolios depend on the volatility and unpredictability of crypto market, are being formed right now.

Positive Sign for BTC Price?

Obviously, the question about their approach to Bitcoin (BTC) and stablecoins were also raised within the framework of their research. It came as no surprise that the rich still believe in BTC. Institutional and VIP clients are expecting BTC to maintain its market dominance (69%) through the end of 2019. Binance Research added that this result "echoes their fear of the altcoin market, losing any interest from retail participants".

👉MUST READ

Institutional Interest in Bitcoin Called into Question as Bakkt Struggles to Pick Up Steam

Institutional Interest in Bitcoin Called into Question as Bakkt Struggles to Pick Up Steam

Among the stablecoins, USDT remained the most widely utilized (40%) because it offers greater liquidity and higher market capitalization than its peers. The report also found that BUSD and USDC were less popular from the rest of the pack.

Should we seek some insight from the rich? Explain your views on Twitter!

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted