Facebook is on the wrong end of a political cycle which could weaken the standing of its cryptocurrency project Libra, believes Ryan Selkis of Messari.
The CEO said Libra is a “bonafide threat” to the US dollar because Facebook wonders about structuring the greenback with a basket of international currencies. The move, to the US government, is an effort to decouple a sovereign fiat currency from the influence of its central bank.
2/ Second clip @twobitidiot: Trump was hawkish in the past about inflation, looking at the bitcoin price seems as though he was right! Fed chairman Powell had it right that bitcoin isn’t a mainstream currency, but it is competing as gold 2.0. Govt sees Libra as a bigger threat. pic.twitter.com/na2nUHOZaJ
— Pierre Rochard (@pierre_rochard) July 14, 2019
“It seems Libra should continue to draw most of the attention in ire,” Selkis told Bloomberg, adding that Facebook has just reached a $5 billion settlement with the Federal Trade Commission over privacy violations which makes the US government more doubtful about the firm’s foray into the financial world.
Bitcoin Lesser a Threat
The comments came a day after the US President Donald Trump criticized both Facebook Libra and