This week, a report released by stock research platform Seeking Alpha said that Facebook's new cryptocurrency project can indeed promote the development of bitcoin (BTC).
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- Federal Reserve Chairman: Don't worry about the cryptocurrency Libra will replace legal tender
- Babbitt’s column explains Libra through Alipay.
- ECB raises regulatory warning on Facebook's encryption project Libra
- US President Trump: Bitcoin is not a currency, it is an "air coin"
- Libra's bounty plan, the vulnerability finder will receive $10,000 reward
- Heavy! Zuckerberg will attend the US Congressional hearing on October 23 to testify for Libra
By leveraging the existing theory of Libra, the social media giant of Facebook, this simple report suggests that mainstream consumer propaganda will eventually flow into Bitcoin.
This kind of attention will only help Bitcoin's price and its overall acceptance reach new heights, especially in the face of global market uncertainty.
Ryan Waldoch, author of the report, concludes:
“I believe that Libra will make users more inclined to use Bitcoin as a point-to-point payment system, and uncertainty in the global market is prompting investors to inject bitcoin as a means of value storage.”
Just the day before he made the above remarks, Arthur Hayes, chief executive of Bitcoin derivatives giant BitMEX, made a bolder statement.
This week, Hayes will have a head-on confrontation with the infamous bitcoin opponent and economist Nouriel Roubini. In an interview with Bloomberg, Hayes said that once Libra is issued as a token, he has only one prediction for Libra.
“I think this will destroy commercial banks and central banks,” he said.
According to Cointelegraph, Libra has received considerable criticism since Facebook released its white paper last month. The focus of attention is on its technical characteristics and data security, and the government may try to completely ban it. US lawmakers have asked Facebook to stop the development of Libra coins until the conversation is held.