Forget about the centralized nature of Facebook’s cryptocurrency Libra, forget about its privacy concerns, and let go of every other issue you have with it because Changpeng Zhao, Binance’s CEO says, let’s get everyone in (cryptocurrency) first.
Libra Not Bad For The Crypto Space?
In a tweet on June 22, 2019, Changpeng Zhao (CZ) asked “whoever said Libra was bad for the #crypto?”, and then he responded, let’s get everyone in first. If the latter is translated, it would mean Libra is actually a good thing for the cryptocurrency industry. As such, we need to set aside our differences about Libra because admittedly, it will give cryptocurrency technology the exposure it is in dire need of.
News about Facebook’s release of its whitepaper for Libra, a cryptocurrency it intends to launch in the first quarter of 2020 was enough to stir controversy on the internet. In the cryptocurrency space, a number of people including CZ were quick to point out that the virtual asset will have no need for KYC because Facebook already knows your name, address, and almost every other thing you wouldn’t even know about yourself. And now, it’ll also know your wallet and probably link your ID to it which could put users’ privacy at risk.
Over 2 Billion People on Facebook’s Platform Could Accelerate Crypto’s Adoption
Nonetheless, CZ, as well as others, may have turned a blind eye to this downside and decided to look at the bright side. The general belief is that over 2 billion users on Facebook’s Instagram, WhatsApp, and Messenger can do a lot of good for the crypto industry. It will expose millions of people to digital assets and from thence, attention will be drawn on assets that are even more promising.
On the other hand, CZ had more things to say in line with his last comment. A user, for instance, opined that the launch of Libra could lead to the death of altcoins. As a response, Binance’s CEO noted that the same thing had been said when Bitcoin was trading below $3,000. However, look where the top cryptocurrency by market cap is today.
More Concerns About Libra’s Launch
Another user stated that consideration has to be given to the fact that more people trooping into the crypto space could potentially cause a lot of damage. In their opinion, newcomers may start violating financial data and as such, Libra has to be given careful consideration since it could do more harm than good.
As a response, CZ said:
“You can imagine everyone breaking the law, but please don’t attack them based on your imaginations, or future crimes.”