Libra will serve as a Catalyst to Bitcoin AdoptionJune 20, 2019
Limited opportunities and creating a sense of urgency and the fear of missing out is an evergreen marketing strategy in the cryptocurrency market.
With increasing hash rate, the price of cryptocurrency is all set to go high. The overall appeal and awareness about cryptocurrencies, in general, is likely to lead cryptocurrency to a record high price.
Max Keiser recently tweeted, “It’s built into the protocol’s genesis block that eventually a heavyweight like $fb would take on BTC. This increased awareness and appeal to would-be potentates will, of course, drive the hash rate to new highs, leading to new ATH for BTC price. Zuck is Satoshi’s useful idiot.”
The hash rate of Bitcoin is slightly above 60,036,687TH/s according to recent statistics. With the increased hash rate, the mining difficulty also increases. Therefore, fewer Bitcoins are mined, and the price of the Bitcoin goes up.
Barry Silbert states that Libra is at par with the internet browser Netscape. Libra, according to Silbert, will catalyze Bitcoin adoption.
Caitlin, cryptocurrency advocate opines that Libra will have a Bullish effect on the price of Bitcoin. Libra will likely expose the ‘unfairness & instability of current monetary & payment systems.’ He believes that the users will turn to Bitcoin and Libra when they realize the concepts and details of supply.
Libra is expected to be bullish for the price of Bitcoin price.
Lee stated that being a mainstream giant, the cryptocurrency efforts of Facebook will help to legitimize the overall cryptocurrency industry. He denied that Libra and Bitcoin were competing with each other, rather he stated that they were complementary to each other.
Bitcoin is one of the best-performing assets of this year as the price of the Bitcoin has gone up by nearly 60% this year. It was previously trending in the $5,300 and $5,450 ranges. The current psychological level for Bitcoin is seen at $9,000.
Uncontrollable hyperinflation has led to widespread adoption of cryptocurrency. Citizens from troubled economies are willing to consider cryptocurrency as an alternative method of preserving value. The tendency to explore cryptocurrency is more in disturbed counties than in thriving nations.
The government is all raised eyebrows about cryptocurrency scams. David Marcus, the blockchain Executive of Facebook, is all set to testify. We are yet to witness if this is going to be a worthwhile exercise, which will reveal more information about how Facebook will be managing the information gathered. Some believe that it might be an embarrassing situation of a political grandstanding.