Facebook’s Libra Will Benefit Bitcoin But ‘Destroy’ Banks, Says Industry
Increased public awareness of Libra will inevitably flow into bitcoin, while banks will seriously suffer, say two new commentators.
Capitalizing on existing theories about the social media giant’s Libra protocol, the brief report suggested that publicity from mainstream consumers will ultimately flow into bitcoin.
The collateral attention will only help the bitcoin price and its overall acceptance, particularly in the face of global market uncertainty.
“I believe that Libra will allow users to be more inclined to use bitcoin as a peer-to-peer payment system while the uncertainties of the global markets are having investors flock into bitcoin as a store of value,” author Ryan Waldoch summarized.
“I think it will destroy commercial and central banks,” he said.
As Cointelegraph reported, Libra has already seen its fair share of criticism since Facebook unveiled its whitepaper last month. Concern focussed on its technical characteristics and data security, as well as the likelihood governments would attempt to ban it outright.
July will see a dedicated U.S. hearing about the project, as lawmakers already requested development stop until dialog is held.