In general I see a positive move towards crypto. It will make crypto main stream and people will know how a wallet works etc. However, many alts will die as convenience triumphs over everything so "joe" will just use Libra over any crypto. Now it will be interesting to see what happens, The first attept at this was Facebook Credits, and they failed due to high cost and no one cared (you had to pay 30% to Facebook as fees). If facebook doesnt get too greedy I see a massive adoption, there are already many store groups in facebook where small businesses sell stuff.
Now, Facebook has the potential to become a "bank" and we are seeing the birth of a private currency. Either banks line up with Facebook and we get a new "BigTech global bank" or it gets destroyed by regulations like e-gold in the 90s. Most likely the former will occur, so I see a future where we will look at BTC/Libra instead of BTC/USD for out charts.
Thanks for sharing. Indeed. I think the greatest challenge FB is going to face will be from regulators. Their stance seems to be to comply with regulations as much as possible.
With Libra, the association of companies are beginning to play the role of a central bank. They can mint and burn a currency which they created. I reckon that regulators will start drafting new regulations to govern such activities. Along the way, there might be many altcoins becoming part of the collateral damage. It's going to be interesting how this will evolve
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