Visa, Mastercard and PayPal may have boosted the single, greatest risk they face – that of tougher regulation – by becoming early backers for Facebook’s new digital money, called libra.
Browsing: Cryptocurrencies
Thinking of jumping into bitcoin? If this week’s boom and bust trading didn’t scare you away, you might want to do so on a Saturday or Sunday.
This week’s jump in bitcoin prices revived themes well known to the digital currency that inflated then burst less than two years ago. Among them: enormous volatility and exchange overloads.
Among Facebook’s justifications for introducing a new digital currency, libra, the company has offered one pious rationale: to connect the 1.7 billion adults who lack bank accounts to the global financial system.
Bitcoin’s 60% rally since May recalls the heady 2017 surge that made cryptocurrencies part of the public consciousness. But while prices are going a crazy, the pop culture zeitgeist isn’t quite as giddy.
Bitcoin’s furious run is starting to look more and more like it did at the height of crypto-mania two years ago.
Facebook’s libra cryptocurrency has taken a lot of criticism from Western government officials and media commentators – but it’s not meant for them.
Bitcoin continued its stellar rally on Wednesday, surpassing the $12 000 level for the first time in almost a year and a half.
Facebook’s plan for a new cryptocurrency has the potential to change entire industries. A more likely outcome is that the technology transforms the social media giant’s own business.
Much of the commentary about Facebook’s proposed libra coin has focused on its defects as a cryptocurrency. It’s more interesting to examine the process for creating libra rather than specific technical features.