Bitcoin, the Giant cryptocurrency, is now alert about its fate following Shopify Joining the Libra Association.

Phoenix is a mythological bird in the Greek and Roman Legends, which helps heroes and legends. Some schools of thought state that the Phoenix bird is reborn from its ashes.

Sydney Ifergan, the crypto expert, tweeted:  “It just looks like either Shopify is playing Phoenix that helps the legend Libra (or) Libra by itself is getting up from ashes after its recent political beat down.  Bitcoin Versus Mark Zuckerberg backed Libra. Great show ahead.”

Ifergan further stated, “At least the Bitcoin and Libra competition is entertaining for the rest of us to watch. Will Bitcoin be the crying Peter? Will Libra Dominate? Facebook has a lot of data, though.”

We are now looking at the situation where Facebook is releasing its answer to the Bitcoin Community.

Are the governments going to allow Bitcoin and Libra to co-exist and turn them down?

Bitcoin (BTC) and Facebook Libra

Of note, the early supporters of Libra Association ran for their money, when the international attention of governments backlashed Libra.  Mark Zuckerberg was determined.  They are not giving up. However, Facebook is not a part of Libra Association, though.

Shopify will be contributing $10 million and will be operating a node which will process the transactions for Libra. So, we will get to see Libra, floating the basket of traditional fiat currencies backing the Stable coin.

Libra backed up because of Donald Trump openly tweeting opposition to Bitcoin and Libra. The Treasury Secretary called it a national security risk. When Facebook announced Libra, the price of the Bitcoin went high due to soaring market sentiments.  Despite all, Libra did not give up, and they are working to deal with regulatory concerns.  They were not in the news for quite some time, and Libra we thought is gone to ashes. But, they are back again.

Bitcoin (BTC) – Will the World need it?

Now, the trending question is will the world need the Bitcoin anymore if Libra would enter the market.

TCAT opines, “Yes.” Bitcoin is the original; the rest are imitations and followers.  Imitations are flattering because anyone will imitate something “only when it is good or worth it.” So, there are already several imitations, tested and tried, and all are successful.  Libra will be a success, but the world will continue to need Bitcoin.