Will The Results Of Facebook's Libra Hearing Be Relevant To The Whole Crypto Industry?
Love it or hate it, Facebook's Libra has really affected the prices of Bitcoin and most cryptocurrencies following its unveiling last month. It then followed scrutinies from government and institutions not only because of its potential impact but also the controversies Facebook has involved in these past years.
David Marcus, Libra's head, has so far made some satisfactory statements regarding their stands and policies to further gain the trust of people at stake but it seems to just fan the flame on various people sentiments. The Senate hearing will take place on Tuesday, while the House panel will hold its hearing the next day. David Marcus, Facebook’s blockchain lead, will testify at both. The House hearing, at least, will also call other expert witnesses.
Whether we admit or not, most crypto stakeholders are watching and giving a keen eye of these results as this will not only affect the current price volatility but also the directions of crypto regulations and the speed of adoption will be determined anytime soon.
For more info:
https://www.coindesk.com/facebook-prepares-to-defend-libra-crypto-before-us-lawmakers-this-week
https://www.coindesk.com/bitcoins-price-could-rise-if-facebooks-crypto-survives-congress-hearings
https://www.wsj.com/articles/facebook-says-libra-cryptocurrency-to-be-regulated-by-swiss-financial-authorities-11563208951
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Dear @arnel
It's hard not to see that currently discussions around Facebook and their libra are attracting attention and are very intense. And to tell you the truth, personally don't know yet what to think about it.
I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.
Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....
Important questionI would like to ask you, and hopefully you would share your own opinion:For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.
What do you think? Upvote on the way.
Yours,
Piotr