Why Facebook's Libra Is Good for Cryptocurrencies

Credit: The Street
Published on June 18, 2019 - Duration: 01:23s

Why Facebook's Libra Is Good for Cryptocurrencies

Have no fear, bitcoin investors.

Facebook rolled out its Libra whitepaper, which breaks down the company's push into cryptocurrency.

Facebook has been Real Money's Stock of the Day both on Monday and Tuesday.

Real Money's Kevin Curran has been heavily covering Facebook and Libra's whitepaper.

"I think it's a good thing for cryptocurrencies actually," he said when asked how Libra could impact cryptocurrencies.

"Because you will see more embrace of the idea of payments that aren't necessarily just in dollar denominator, Euro denominated.

If you're making cross-border transactions, you can do that in one currency without having to worry about exchange rates on your purchases.

I think that that's valuable," he explained.

"But I also think that as more people are embracing this, some people might fall into that former category of people don't want it to be a corporate interest or governmental interest on their currencies that, you know, their criticism there is that they might be using it for nefarious practices.

But generally speaking, the crypto enthusiasts are somewhat anti-establishment, from the people that I speak to.

And if you see more adoption of, um, these corporate digital payments, there will be, I think, an equal backlash towards the more decentralized payments." Related.

Libra: What You Need to Know About Facebook's New Cryptocurrency

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