Industry insiders: Facebook’s cryptocurrency libra will benefit bitcoin – and destroy the world’s banks

Industry insiders: Facebook's cryptocurrency libra good for bitcoin – will destroy banks

Image source: Shutterstock / Trijo News

Teodor Stig-Matz

teodor.matz@trijo.co

People in the crypto industry have been doubtful of Facebook's cryptocurrency libra. But if we're to believe Ryan Waldoch and Arthur Hayes – it will be revolutionary.

A couple of weeks ago, Facebook revealed that they will release their own cryptocurrency, libra.

Since then, it has gotten both negative comments and praise from the crypto world. Even Facebook’s own partners have stated that they doubt the project. In addition, much has been speculated about whether the project is good for bitcoin.

Makes more people turn to bitcoin

Now, more opinions from the crypto industry emerge about Libra’s future and its relation to bitcoin.

“I believe that Libra will allow users to be more inclined to use bitcoin as a peer-to-peer payment system”, crypto analyst and blogger Ryan Waldoch writes in a report for research firm Seeking Alpha, Cointelegraph reports.

Will destroy banks

One who believes that libra will be a success is Arthur Hayes, CEO of the big crypto exchange Bitmex.

“I think it will destroy commercial and central banks”, he says in an interview with Bloomberg.

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