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Steve Forbes urges Facebook to link its cryptocurrency to a fixed weight of gold
10:15p ET Sunday, June 30, 2019
Dear Friend of GATA and Gold:
In an open letter gold advocate and Forbes magazine editor Steve Forbes this week urged Facebook's Mark Zuckerberg to make the social-media platform's planned cryptocurrency, the Libra, convertible to a fixed weight of gold.
Forbes writes: "For a variety of reasons gold holds its intrinsic value better than anything else. It's like a measuring rod. It no more restricts the money supply than the 12 inches in a foot restrict the size of a building you might wish to construct. All it means is that the Libra will have what no other currency has today: a fixed value. And that fixture will gradually make it the most desirable medium of exchange around the globe. People hunger for trustworthy money."
Forbes' open letter is headlined "An Open Letter to Mark Zuckerberg" and it's posted at Forbes.com here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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