Facebook has rejected the use of bitcoin as a means of payment

August 30, 2021

Facebook has rejected the use of bitcoin as a means of payment

David Marcus, head of the company's cryptocurrency wallet division at Novi, called the major cryptocurrency a good investment asset that is not suitable for paying for goods and services due to high volatility.

David Marcus, head of Facebook's Novi division, said in an interview with Bloomberg that the company is not considering using bitcoin as a means of payment, but considers it a good investment asset. According to Marcus, the high volatility of the main cryptocurrency, prevents it from being used to make payments.

"If you're sending money around the world, you can't have the value of the asset you're sending go down 20% in a day or 10% in a day. That variability is not acceptable for payments," Marcus explained.

The head of Facebook's Novi division also noted that the company is considering the use of non-exchangeable tokens (NFT).

Novi is a division of Facebook that is developing a cryptocurrency wallet of the same name. Last week, Marcus published an article stating that Novi's development has been completed and the cryptocurrency wallet will soon be brought to market.

In July, it was revealed that the social network Twitter would support bitcoin. According to CEO Jack Dorsey, the first cryptocurrency will be integrated into Twitter's existing products and services, including paid subscriptions, commerce and the ability to support authors.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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