Forbes editor-in-chief take on cryptocurrency

Judy Rubio

Steve Forbes compared bitcoin to steak, gold, and dog food. The head of Forbes told why it took the place of cryptocurrency #1.

“The lack of public confidence in classic currencies has given rise to bitcoin”

The editor-in-chief of Forbes said that the reason for the appearance of bitcoin was people's distrust of classic currencies. Essentially, a cryptographic asset is a "high-tech cry for help.” Now he faces an important task, to achieve the same trust that gold has.

Mr. Forbes said: “The role of bitcoin is difficult to overestimate. He supported people in difficult circumstances in various countries of the world. It has been used by many to circumvent governments that seek to control the people, lead to famine, and cause damage”

Speaking about the increased volatility of bitcoin, Steve Forbes noted: "Steak today, dog food tomorrow." Before that, he wrote to Facebook owner Mark Zuckerberg a letter. It was assumed that if the Libra stablecoin is implemented correctly, it will be able to surpass not only bitcoin, but also the us dollar.

Forbes advised Zuckerberg on the development of Libra

The editor in chief of Forbes wrote to the owner of Facebook: “You can't give up! With proper use and development of Libra, you will be able to become a Henry Ford in the financial sphere!".

Mr. Forbes noted that many cryptographic currencies are now ideal for speculation, but they are not suitable as an alternative to real money. The reason is a sharp change of course.

Forbes believes that in order to achieve the status of the greatest inventions Libra must achieve the stability of gold. To do this, it is best to use this precious metal to provide it. The use of currency for such purposes is difficult, because the rate is constantly changing. In his opinion, the use of a fixed value Libra will make cryptocurrency the most popular medium of exchange today. 

The Forbes editor-in-chief suggested changing the name of the coin from Libra to the "Mark". According to him, Libra is a weight measure in the Roman Empire, and it eventually ceased to exist. The Mark was used by Germany, after which it was abolished in favor of the Euro, so “the name remains free".

Please recall, in the summer, Facebook announced its plans for 2020 to start cryptocurrency Libra. A subsidiary of Calibra will first develop a digital wallet that can be used in WhatsApp and Messenger applications. The program will also exist as an independent software. In the article "What is Libra?” you can read more about the Facebook cryptocurrency.

Steve Forbes is actively interested in cryptocurrencies. Recall that recently his magazine has developed a rating of businessmen who got rich on digital money. The first place in it was taken by American Chris Larsen with a fortune of 7.5 - 8 billion dollars. In the list there is also a native of Russia, Vitaly Buterin. His fortune is estimated at half a billion dollars. Read about other news in the crypto industry on the pages of our crypto portal!