Last year has witnessed one of the most interesting announcements in crypto history, and that is that Facebook is going to launch its own cryptocurrency called Libra.
The initial plan was to launch at some point during 2020, but it seems that some legal difficulties have postponed the launch date.
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Some regulators in the US and other countries in the European Union didn't like the idea of a cryptocurrency being a competitor of fiat on a large scale.
I still remember the famous tweet series that Donald Trump published criticizing Facebook for "planing to become a bank", and of course, he didn't forget to discredit Bitcoin and other cryptocurrencies for "being volatile and based on then air"
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After having trouble discussing with financial authorities around the world, it seems that Facebook has made the decision to launch a "scaled-down" version of the original ambition to adhere to regulation rules. They rebranded their project into "Diem" in a try to appear in a different appearance, but I think they still have the original vision.
The reaction of the crypto community is not so welcoming too, after all, cryptocurrency is all about decentralization, and censorship-free, terms that Facebook has been violating over the years.
For me, I saw the announcement of Libra (or Diem) with a grain of salt. I was so skeptical about it, simply because Libra will not be an open-source decentralized cryptocurrency, instead, it's going to be a centralized stable coin controlled by a multinational consortium, and there is no need to mention that Facebook (which has the WORST records when it comes to data security and information manipulation) will be the head of this consortium.
However, on second thought, I started to see Libra project as a golden chance for crypto adoption.
Whether we like it or not, Facebook has over 2,700 million active users. This is a hell MASSIVE number. In fact, when combined with WhatsApp and Instagram, you can see that FB acquires the hugest human gathering in history.
Most popular social networks worldwide as of October 2020
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Upon the upcoming launch of Libra, all these droves of people will be gradually exposed to cryptocurrency. Many of them may not have used any crypto before, and after a period of time, I'm sure some of these new users will get curious and want to venture away from stable Libra to the wider crypto world.
We are talking about hundreds of millions of people who are likely to start using cryptocurrency for the first time, and I'm sure there are big investors among them. There is nothing more needed for crypto adoption than that.
I'm still not bullish on Libra in itself, but I'm optimistic that it will pave the way for Bitcoin and wider cryptocurrency to get more exposure and fame.
I see the upcoming launch of Libra as a big "advertisement" that there is another type of currency out there, and it is far better than the dirty inflationary fiat the Feds keep printing...
Once these new millions of people see why cryptocurrency is superior to fiat, I think we can expect explosive growth in crypto adoption in the foreseeable future...
What do you guys think about the upcoming Libra launch?
I'm really keen to know your opinions and thoughts...
Thank you for reading :))
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