A Third of Bitcoin’s value Sink with the Libra Hype fade
Facebook’s perusal to launch its digital coin Libra has blemished Bitcoin’s huge reunion this year. It was widely expected that influencing and persuading the lawmakers to approve the release of Libra would legitimate the Bitcoin industry that would benefit Bitcoin. But unfortunately, this hope was shattered as Treasury Secretary Steven Mnuchin raised his voice against Bitcoin stating with the undeniable reality that people has used cryptocurrency for illegal means.
Facebook is already too big to feature cryptocurrency
After 18th June, when Facebook finally gave the word the glimpse of its cryptocurrency Libra investors and traders smirked in joy. The great networking giant fell straight on its face when major security concerns were raised all over the world. Even influential giants like Sherrod Brown drew similarities of Facebook to a mere “toddler who has gotten his hands on a book of matches”.
Morgan Stanley, on a skeptical note also added that “What legitimate corporate or consumer global payments need exists that a Facebook-led crypto consortium can uniquely fill?” Facebook was also interrogated by the US senators who are quite unclear about Facebook’s credibility to operate a global cryptocurrency. Facebook has managed to get hold of a huge list of companies including PayPal Holdings and Mastercard Inc. to back its plan for its digital currency Libra.
Looking back at expert opinions
The price of the world’s most popular cryptocurrency has fallen sharply and has coasted down to $9,300, according to CoinDesk. After trading above $9,300 that was near its high for the year the price of the currency fell to almost third of its original value. Negative emotion among the market was widespread as the Chairman of Federal Reserve; Jerome Powell criticized cryptocurrency stating that he has serious concerns with the digital coin.
Morgan Stanley, on a skeptical note also added that “What legitimate corporate or consumer global payments need exists that a Facebook-led crypto consortium can uniquely fill?” Famous personalities like Mr Ethan Hou, who is a 30-year-old cryptocurrency trader, is Taiwan is also optimistic about the digital currency. But no one can also dissent from the fact that substantial personalities like President Trump have also railed the digital exchange method Bitcoin that left no scope for Libra in the market.
Skepticism at its peak for Libra demolished Bitcoin’s share
As US senators were also quite unsure about the launch of the cryptocurrency, Facebook executive cleared the rumours in the air and assured the Senate Banking Committee that unless the regulatory concerns are received and forwarded the currency won’t move forward. More questions are waiting for Facebook’s Libra by the House Financial Services Committee, but the global networking epic is trying its best to face them all and release its cryptocurrency Libra and make digital coins famous as it made social media. Facebook has proven its power to influence people on a large scale, and likewise, the cryptocurrency from Facebook will make sure that people take the process of digital monetary exchange seriously.
