PayPal boss backs bitcoin, but not as a currency



PayPal president David Marcus has predicted that bitcoin could double its value over the next year as it continues to prosper as an investment asset but insists that the cryptocurrency is not a real currency.

Bitcoin has seen its price surge to around $1000 in recent weeks, prompting heated speculation about its true value. Marcus says that he is a fan of and owns bitcoin and expects growth to continue.

The PayPal chief sees the cryptocurrency as a speculative investment asset and as a useful store of value, telling the LeWeb conference: "It's a great place to put assets, especially in places like Argentina with 40% inflation, where $1 today is worth 60 cents in a year, and a government's currency does not hold value."

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