Facebook recently announced that they will be creating their very own digital currency built on blockchain technology – Libra. It did not come as a surprise, to be honest. After all, the technology behind Bitcoin is being adopted by more and more companies around the globe.
What did, however, surprise us, was the fact that, within Mark Zuckerberg’s announcement, not once did we see the words “Bitcoin” or “cryptocurrency”. Here is the post:
As such, we have started to think that Facebook Libra may pose several threats to the Bitcoin network.
We decided, therefore, to reach out to all the experts we know and ask for their opinion on this matter. Here is what they had to say:
1. Crypto Crow
2. Ofir Beigel
3. Randall Crypto Love
4. Raul Dantas
5. Andrew Crossland
6. Jay Shaligram
9. Helvijs Smoteks
10. Liudas Butkus
11. Sam Wouters
13. Tm3k @_tm3k
14. Juan Pablo Mejía
15. George Gor
16. Eric Benz
17. Alexandr Goldobin
What does the public think?
We asked around in forums and Social media groups to find out what seasoned crypto investors think about Libra as well. Here is what they had to say.
18. Jacoby N.
In the past, many hardcore bitcoiners thought Libra would help BTC get attention (although I personally disagreed). Well, it might give it attention, but my belief is that people will use Libra over BTC. However, since Libra’s release got halted by Congress this is a conversation we can continue in the future.
19. Charles B. E.
Libra is no threat. It doesn’t even exist, and it never existed before. It was just an idea to begin with. Everyone just acted like it was already taking over the world. I think any normal person would just use CASH or debit cards since its already a payment option on the FB platform.
We already have stable coins in the digital space, some of which are not very trustworthy, but FB isn’t either, lol. The only convenient way to use it would be for merchant discounts or quick money transfers through this platform. Anything else would be so heavily regulated it wouldn’t be worth FB trying.
Look at the way BTC is being handled from country to country with laws and regulations. The only reason its come this far is that nobody knows who to blame.
20. Brady P.
I don’t see a threat to Bitcoin. To traditional finance maybe, yes, Libra could have huge impact on transaction on a global scale, but at a cost of your personal privacy. While the impact will be large if it happens, Bitcoin is still where you should keep your focus! Decentralization is key!
21. Luke T.
I think it would be a great move for crypto. Firstly, it will help to raise awareness and give the crypto space validity (even though Mark doesn’t mention it directly). Secondly, it will be a much simpler way to buy bitcoin & other cryptocurrencies.
22. Daniel F.
Libra is bad news for crypto. Facebook has a really negative public image now, with the recent news on data leaks, Cambridge analytica, censorship of conservatives and privacy breaches. Now, congress wants to shut down libra, bringing crypto back into the spotlight due to the inherent connection between the two.
I think facebook should stay out of politics and currency and focus on being a neutral public service. BTC is more reliable and legit.
23. Dusty S.
Other than bringing the concept of digital currency to the mainstream discussion (which isn’t nothing by the way) I don’t think Libra and Bitcoin have much, if anything, to do with each other.
People who believe in the idea of a decentralized, borderless currency aren’t gonna be flocking to give Facebook a say in their finances.
24. Paul D.
Libra is a digital coin that’ll be pegged to a basket of major currencies (like the USD and EUR).
As such, it could pose a legitimate threat to the U.S. dollar. Think about it…
Facebook has a global user base of nearly 2.7 billion people. Libra’s adoption would be almost immediate if it launched today. It would become the world’s most widely used currency overnight.
And imagine if Facebook negotiates with advertisers to give Libra users 5-10% discounts on all their products and services. How would governments or central banks compete with that?
They can’t – which is why they want to stop Facebook from making Libra a reality.
So, you now have a good idea of what the experts and the informed public think about Libra. From here on, conducting your own research will help you stay alert of any changes that may occur in the soon-to-come future.
What threats do you think Libra poses on Bitcoin? Let us know in the comments below!