Facebook's Libra may launch as soon as January of 2021
If bitcoin didn't have enough of a bull case, it just got another one!
In a report out today in Cointelegraph, it was revealed that the much anticipated Libra currency may launch as soon as January of next year.
For those counting, that is less than 2 months at this point!
Libra has undergone scrutiny from regulators all over the world and the launch of the project had been pushed back more times than I can even count at this point.
So much so that the latest release date had been changed to, "sometime".
That may all be changing according the report as Libra could launch as soon as January of next year.
According to the report, the exact date of launch will depend on when Libra receives regulatory approval from the Swiss Financial Market Supervisory Authority, or FINMA, to operate as a payments service.
Which probably means... Libra won't be launching in January, but it could.
If you thought PayPal was big for Bitcoin, Libra is going to be absolutely YUGE!
By all accounts, the PayPal news has been a huge boon for bitcoin. In fact there has been a direct correlation between when PayPal went live and a significant price increase in bitcoin.
Something that likely isn't just a coincidence.
That being said, the Libra launch may be even bigger for bitcoin and crypto than PayPayl was/is.
For one, PayPal has something like 350 million users, which is a very large number, but Facebook as something like 2.7 billion users.
Yea, Facebook is orders of magnitude larger in terms of users, to the tune of roughly 8x.
Not all of Facebook's users will get involved with Libra of course, but even if just 10% do, that would be 270 million people, which is almost equivalent to all of PayPal.
Libra will be a dollar pegged stable coin intended for use as a means of payment, but it will also prove to be a gateway into the crypto ecosystem, which is dominated by bitcoin.
Users will most likely use Libra for payments and they will buy some digital gold to hold in bitcoin.
Which means, you probably want to be a buyer on this recent dip as we are likely to get another massive influx of new users/investors early next year.
Stay informed my friends.
Image Source:
https://theconversation.com/buyer-beware-how-libra-differs-from-bitcoin-123154
-Doc
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Damn I thought Libra was dead
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I did too. I assumed it was months, if not years away. I highly doubt it actually launches in January, but maybe within a couple months of there seems possible.
https://twitter.com/Bhattg18/status/1332532244993384449
this will be going to be a huge, I will be sure profitable to invest in Libra 💲
Well it's not so much investing in Libra, it's going to be pegged to the dollar, it's about the amount of new money it will likely bring into crypto and bitcoin specifically.
Go fakebook!
LOL
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Time to bring in the masses!
They are changing the name to diem...i'll suss that out tomorrow!
Interesting news... I must be completely out of the loop, because I was under the impression that the Libra project was SO mired down in regulatory scrutiny and red tape that it was unlikely to see the light of day during our lifetime.
I do wonder, though, if it will be a similar situation to PayPal where there's a "wall" between Facebook and the greater cryptosphere...
=^..^=
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Good question. If Libra is listed on cryptocurrency exchanges then it's a huge win for bitcoin, if it's not, well then it will be less of a win for bitcoin.
I don't like Facebook, or anything they want to do with Lybra, but you are right.
This will bring cryptocurrency a bunch of steps closer to being mainstream.
You know what? I read the title and thought "this again?" but yes, if it can help expand crypto to the masses, let it be!
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@jrcornel, I never thought that Libra will face so many problems, in contrary i thought after entering into the Cryptocurrency Space they will try to dominate this space, but these are interesting and deceiving times. Stay blessed.
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If it is sure to launch Libra from Facebook, I think that Bitcoin price will up again.
As a Cryptocurrency earner, I was hope the launching of Libra tokens to earn more Crypto from many various Sites by various technical ways.
That can be also a good potential for Crypto earners.
Thank for sharing.
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Open that to wait and see how the markets react to your launch.
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And you think FBs Libra will be only good for Bitcoin..?
Is Libra a cryptocurrency or a digital currency?
It's built on a private or permissioned blockchain that has a number of ecosystem participants as block validators, if I recall correctly.
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And it's pegged to the dollar. They will use Libra and invest in bitcoin.
Yep, Libra is certainly no investment. Once they get used to the idea of a social media platform with a wallet ...
"private or permissioned blockchain"...aha..sounds fishy...
And who are the "block validators"...the Banksters? 😜
Here's a list of the members of the Libra Association:
https://libra.org/en-US/association/#the_members
No bankers as this project is their competition.
Thanks, i will have a look...
It will be good for all of crypto most likely. Bitcoin being the biggest beneficiary is my guess though.
I guess so because more people will get used to the idea of buying a digital currency.
How big is the possibility of government restrictions against decentralized free cryptocurrencies vs. pushing their own new centralized digital currencies?
It's a possibility, but every day that they don't do something against bitcoin, it gets harder and harder to stop it. My guess is due to the fact that bitcoin is completely anonymous they will let it continue. However, privacy coins are going to face serious push-back from regulators everywhere.
Yesir, those people are hypocrites, so if they can't beat BTC, they will join...
What kind of privacy coins do exist right now?
If Libra turns out to be the gateway of the masses to the world of crypto then we better brace ourselves for the influx.
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Libra had got much attention earlier but few companies have left the project and I don't think it has much potential now. It would be exciting to see how it will do in 2021.
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What perfect timing: soon after that Facebook will be heading into court against @apshamilton trying to justify why they declared all crypto currencies and the entire blockchain industry to be "frequently associated with misleading or deceptive promotional practices" just a week or two after the Head of Libra moved into her new position!
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Cool! Now hurry up and get a beefy settlement here so HIVE will never have to worry about money again! :)
Working on it. Making good progress but Judge is very busy. I keep on offering to do things in a week and he says he's not available again for another month.
Well keep doing that. It's already been 3 years...
2.75 years since Facebook's crypto ad ban started, yes.
But only 3 months since I was finally able to commence proceedings.
This is pretty standard for major class actions.
Many are only brought close to the 6 year statute of limitations expiring.
Good news for the crypto community. I hope libra will open a gateway for me to buy crypto with my fiat currency.
If libra can be used to pay ad on facebook, facebook will earn more profit because many people with no cc will use libra for ads
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I'm a little skeptical against the project, I wouldn't personally invest money into it, but If there is a way for me to exchange what I receive easily then I think I would dump a good chunk of my Libra in favor of other cryptos.
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It's not something to invest in. It's a stable coin intended to be used for e-commerce.
lol I remember when this was suppose to launch years ago. I see nothing has changed
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Actually a lot has changed. It may actually launch after all, and it's no longer pegged to a basket of currencies but instead just the dollar.