Notable Bitcoin entrepreneur and head of business development at Broctagon Herbert Sim believes “France feels threatened” by Facebook’s upcoming Libra project.
Earlier this week, the French government declared that it plans to block the development of Facebook’s Libra project as it poses a threat to “monetary sovereignty”.
With Libra being based in Switzerland, France’s announcement has been heckled by much of the cryptocurrency community.
Speaking to Blockchain News, Sim said: “Libra represents the first stable digital currency which could be a feasible alternative for the mass market – it’s no wonder France feels threatened. And they’re not the only ones responding in the same way. Countries like the US and India seem to be actively working against crypto.
“At the same time, others are throwing themselves into the race, with China advocating for Bitcoin and creating its own digital currency. It’s clear that some are recognising the opportunity cost of dismissing the crypto market.
“It’s interesting that Bitcoin prices haven’t really shifted since the announcement. It seems prices are becoming less dependent on the actions of central authorities. This is a positive sign for the crypto markets. As we look set for a global recession, we could see the previous ‘Wild West’ of the investment world become a safe haven.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.