Libra is touted to be the next big thing in the world of crypto and blockchain. The kind of backing it has is unprecedented in the industry, and the user base is humongous. However, many experts believe that more than itself, Libra will benefit other blockchain systems and Bitcoin.
For example, Ethereum co-founder and ConsenSys founder Justin Lubin recently wrote a critical analysis titled “Facebook’s cryptocurrency is a centralized wolf in decentralized sheep’s clothing.” In the article, Lubin argued that Libra would promote blockchain based system on the center stage, and stir discussions to develop DLT based Financial and Organizational systems
— Joseph Lubin (@ethereumJoseph) June 24, 2019
Another Bitcoin expert and analyst, Max Keiser said while hosting a media discussion,
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 hashrate to new highs, leading to new ATH (All time high) for BTC price. Zuck is Satoshi’s useful idiot.
How will blockchain benefit from Libra?
Given Facebook’s 2 billion-strong user base, and multiple platforms like WhatsApp, Facebook App, and Messenger, developers will be motivated to build more and more dapps for the Libra blockchain. Yes, the Libra token will definitely have a big part to play, but not more than the general blockchain ecosystem.
How will it benefit Bitcoin?
A large chunk of the internet population is aware of Bitcoin, though never invested in it. That’s primarily due to the lack of usable infrastructure and options, a barrier which Libra, and its payment app, Calibra will definitely overcome.
Once these aware users get access to easy to use systems, they will definitely try the world of crypto, and per the market climates, Bitcoin will be the most preferred choice. Even if these potential buyers buy fractions of a Bitcoin, their large number is sufficient enough to stir a grizzly-sized bull market.