Bitwise Claims Facebook’s Libra Propelled Bitcoin 3 Years Ahead, But is This True?

Over the past month or two news and rumors regarding Facebooks Libra initiative have dominated both crypto and mainstream news cycles, with many analysts claiming that the more centralized digital option could end up posing stiff competition to Bitcoin and other cryptocurrencies.

Despite this possibility, Bitwise a leading provider in index and beta crypto asset funds explained in their monthly investor newsletter that they believe Libra has propelled Bitcoin ahead by three years.

Bitwise Claims Libra Has Incubated Interest in Bitcoin

Although some people believe Libra could be considered a competitor to Bitcoin, Bitwise explained in their newsletter that the so-called Facebook crypto has actually led a lot of new potential investors towards Bitcoin, sparking significant interest in the crypto markets.

The reason this matters now is that by forcing crypto onto center stage, Facebooks Libra and other catalysts have changed the nature of conversations that investors are having about crypto around the world, they explained.

Furthermore, the report also notes that Libra has forced the governments hand to begin taking the rapidly evolving markets seriously, which may validate the technology within the court of public opinion.

Thanks to Facebook and the hearings with Congress, people realize they can no longer ignore cryptocurrency. If the government and the largest consumer company in the world are taking it seriously, they have to too, the report noted.

Despite Positive Publicity, Will Libra Spark a Regulatory Crackdown?

Shortly after Libra was released, the government took swift actions to begin investigating the initiative, which ultimately led to U.S. President Donald Trump tweeting that he is not a fan of Bitcoin and other cryptocurrencies, including Libra.

Subsequently, Treasury Secretary Steve Mnuchin explained that the government will soon begin policing the crypto markets with what he describes as very, very strong regulations.

It seems likely that, with crypto front-of-mind, the government will also increasingly call for enforcement actions against the shadier parts of the crypto ecosystem, Bitwise also noted, adding that this could ultimately be a good thing as it could incubate further growth.

Although only time will tell as to whether or not the imminent torrent of regulations will incubate long-term growth or hamper the markets, it is highly likely that the crypto markets and Bitcoin will face a new paradigm shift in the near-future.

Featured image from Shutterstock.

The post Bitwise Claims Facebooks Libra Propelled Bitcoin 3 Years Ahead, But is This True? appeared first on NewsBTC.

04.08.2019 / 13:20 56
Facebook Admits Libra Crypto Project May Never Launch Facebook Admits Libra Crypto Project
Since its inception, Facebooks foray into crypto has been under fire from all sides. The reaction to Libra was unsurprising really given the social
Latest Libra Survey Shows Mistrust Has Replaced Apathy Latest Libra Survey Shows Mistrust Has
We hear so much about whatvarious experts, countries and politicians think about Libra. But a month on from Facebook’s official announcement of its
No, Bitcoin Did Not Drop Because of Fed’s Concerns with Facebook’s Libra No, Bitcoin Did Not Drop Because of
Bitcoin and the aggregated crypto markets plummeted over the past day after BTC failed to stabilize in the $13,000 region and incurred a sudden
Amazon Squashes Crypto Rumors as Hype Surrounding Facebook’s Libra Grows Amazon Squashes Crypto Rumors as Hype
In the past few months the world was shocked to hear that social media giant Facebook was entering the crypto markets with the release of their
Facebook announces Libra coin and Calibra Wallet App in Global Money Pitch Facebook announces Libra coin and
Facebook has announced Libra, its cryptocurrency its says is reinventing money Sending money will be a simple as sending a message or photo for users
Bank of America: Facebook’s Libra Could Act as an Endorsement of Crypto; Here’s What Analysts Think Bank of America: Facebook’s Libra Could
The crypto and finance worlds are both patiently awaiting further news about Facebooks highly anticipated cryptocurrency project, Libra, which is
Comments (0)
Add a comment
Comment on