With the introduction of Facebook’s new cryptocurrency, Libra, soon to hit the market in the first half of 2020, it is inevitable that billions of new users will be introduced to the world of cryptocurrency.
Facebook has been working consistently over the past year developing the new cryptocurrency, which will be managed by a non-profit association with ongoing monetary support from a variety of big name companies and organisations.
It has been suggested that Libra will leverage Facebook’s 2.7 billion users monthly into the cryptocurrency arena, bringing digital currency into the mainstream.
Head of research at Blockchain, Garrick Hileman, said of the new coin,
“Libra is a major validation of Cryptocurrencies and Blockchain technology to be the financial infrastructure of the future. Libra could be on of the most significant and positive events in Cryptocurrencies’ history as billions of Facebook users could join the ecosystem we’ve been building over the last decade.”
Roneil Rumberg, CEO of Audius, a Blockchain based music streaming service has stated,
“Worst case scenario, Facebook crypto could become the gateway drug to introduce people to the greater crypto ecosystem. Best case, their Stablecoin is sufficiently decentralised to enable interesting censorship-resistant use cases and is still usable by a mainstream audience.”
One of the greater benefits that Facebook is hoping to see come out of their cryptocurrency is the benefits it can offer to those living in third world countries, and people who rely on Western Union to send remittances.
Editor of Cryptonite, Tony Perkins, has commented,
“Facebook and WhatsApp are huge in developing nations like Africa and India, this will bring billions of people into the modern economy. This is huge, and represents a gigantic economic opportunity like we have never seen.”
There are big things in store for Libra, and we will be keeping a close eye on its movements to see just how much it is benefitting the crypto world. At this point however, we can strongly predict that with the introduction of the Facebook cryptocurrency, this will ultimately boost the price of Bitcoin, due to supply and demand.