Bitwise: Thanks to Facebook, the cryptocurrency industry has moved forward by 2-3 years

in librabitwise •  last month 

Bitwise, an American supplier of cryptocurrency indices, believes that Libra stablecoin from Facebook accelerated the development of the whole industry by 2-3 years. This statement was made in a letter from Bitwise to investors, published on the company's website on August 1.

"Thanks to Libra and Congress, we have just moved into the future 2 or 3 years of cryptocurrency, accelerating all discussions, debates and discussions among the general public," writes Matt Hogan, head of research at Bitwise.

According to Bitwise, against the backdrop of the Libra announcement and the ensuing Congress hearings, "people began to realize that they could no longer ignore the cryptocurrency. At the same time, the company admits that not all the attention paid to Libra and Bitcoin now may be positive, and certain regulatory requirements may have a negative impact on the future of the industry.

Bitwise expects regulators to tighten control over areas previously overlooked, including initial coin placements (ICO) and trading platforms.

"But even this supervision and attention will be positive for the cryptocurrencies in the long run. Investors will be confident that the regulators will be involved and create guidelines for the formation of a more mature version of the cryptocurrency industry," the publication says.

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Any upcoming regulation is going to have the purpose of enriching the wealthy over 'regular people' when it comes to crypto. Can't have the "commoners" becoming more independent, currency-wise. That's where Facebook comes in, to monopolize.