There have been a lot of reactions to the Facebook’s Libra coin and many are stating a possible death of major cryptocurrencies due to the influence and jurisdiction of Libra and of course the Billions of people who will quickly adopt the currency with even the lowest knowledge about cryptocurrency and blockchain. They say its good to ask experts, of course CoinTick sat with a crypto expert “Mr Abiodun” to get his opinion and an expert point of view. He made a shocking revelation of a possible direction of Libra users to mainstream crypto due to boredom, curiosity and FOMO.
When asked to discuss the possible influence of Libra on existing cryptocurrency he replied:
“In my opinion, a possible chance of a bad influence is so slim. Going through the site and Whitepaper I quickly noticed the fact that they are referring to the new coin as Cryptocurrency and are referring to its technology as Blockchain; to me, that is a free advertisement for the crypto world. Facebook will most likely push for a legal and government backing and the global adoption which we all agree they can easily get. In doing that there will be nothing stopping other crypto assets from getting the same recognition. So we may just be moving towards mainstream adoption.”
“A side effect that I can see here though not so bad as a side effect is on Facebook. They are bringing in their Billion users into a technology that is not familiar to some of them before. In a case where this many users start using Libra, they will or let me say most of them will out of curiosity want to explore the other crypto assets just like many of us began with just Bitcoin but now hold little or no Bitcoin and in place we have invested in altcoins that we see have a lot of potential. Libra however seem close to a stablecoin and as may be rightly guessed, there will be nothing like airdrops and giveaways. Users who enter the crypto space through Facebook services and Libra will most likely out of curiosity try other cryptos and since Libra will have thought them one or two things about crypto and blockchain, they will hope to use their knowledge in mainstream crypto especially due to the excitement around the existing cryptos, like giveaways, price surge and others, they will surely want to try it out due to FOMO. So Facebook may just pour its users into cryptocurrency and in that case a massive adoption will be at hand, government and institutions will have no support for opposing cryptocurrency.”
The Libra Coin is set lo launch in 2020. Early adopter registration is already available for Calibra which will be the Libra wallet. With the information on the site, it seems the Coin will work across all Facebook services which include WhatsApp.