Why Bitcoin fanatics are running scared from Libra

Facebook's cryptocurrency project, Libra, has been a hot topic this year, but why are so many Bitcoiners unenthused by the idea?

As Halloween fever sweeps across the globe, a section of ill-informed cryptocurrency fanatics are running scared from the most tremendous digital asset innovation to date – Facebook’s Libra.

Bitcoiners, altcoiners, and even no-coiners have been quick to lambaste the launch of Facebook’s stablecoin cryptocurrency since it was announced earlier this year, but they are all forgetting how much of an impact Libra had on the price of cryptocurrencies in the summer.

Bitcoin surged from a depressing price point of $3,150 all the way to $14,000 in a matter of weeks on the back of Libra’s announcement, with institutional traders finally warming to the idea of digital assets as a viable investment.

The difference between this year’s rally and 2017’s bull market was stark, as retail investors were seemingly indifferent this time around despite driving the market with unsustainable hype two years ago.

Facebook’s foray into the murky world of cryptocurrencies demonstrated the first sign of mainstream adoption, with mainstream news outlets and multinational hedge funds standing up to take notice.

The social media giant currently boasts a jaw-dropping 2.37 billion active users. The integration of a cryptocurrency payment system within the platform, if it achieves regulatory approval, will undoubtedly be the largest driver to take digital assets to the masses.

Unfortunately, Bitcoin and cryptocurrencies continue to be tarnished with a tainted brush, with a plethora of reports being published on its use case for money laundering, dark web drug dealing, and financial crime.

This is why Libra, which will be the first truly regulated cryptocurrency, will make such an impact, as it will be an example of how blockchain technology can work to streamline payments instead of proliferate the criminal underworld.

Bitcoiners need to stop burying their heads in the sand and begin to appreciate Libra as it is the first step this industry has to take in order to be taken seriously on a global scale.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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