Ninjas, Bitcoin is reporting moderate gains on the day all well as most of the top 20 cryptocurrencies and is currently trading at $10,600. The price of Bitcoin fell below $10,000 last week, a number of crypto users believe the decrease in value of Bitcoin, as well as most of the top crypto’s, was because of Facebooks Libra.
Ever since Mark Zuckerberg announced the release of Facebooks INC cryptocurrency Libra, the unreleased crypto seemed to be a matter of concern for the US government.
In an interrogation by the US Senate last week, David Marcus, former president of PayPal, current vice president of Facebook messenger and co-creator of Libra was asked a few questions about Facebooks new “non – profit business venture which he seemed to have no answer to.
Questions like how can the Libra association be a non – profit organization that would also make a profit from the huge reserve funds fund it will hold, and how will it be primarily regulated by the US when the Libra association is based in Switzerland and regulated by its authorities.
The major fear of the US seemed to be that the launch of Libra to Facebooks 2.83 billion users would cause financial instability and give Facebook access to too much information. David Marcus tried to assure lawmakers that he would work with regulators before Libra is launched.
Libra has been a major topic in the crypto-verse, a number of cryptocurrencies users seem to be enthusiastic about the launch of Libra in 2020, while others question its validity. Lawyer and Twitter user Marco Santori twitted that “Libra is in an Impossible position”, he explained further saying that Libra aims to be centralized enough to able to stop illicit activities, but also decentralized enough to maintain the privacy of its users.