The cryptocurrency community is today busy with the launch of Libra, a cryptocurrency launched by social media giant, Facebook which has billions of users globally. While everyone is busy giving their opinion of what Libra may be like, Tron CEO Justin Sun sees a huge potential bull run for the industry due to a FOMO for the new cryptocurrency.
Facebook and #LIBRA. I feel a huge #FOMO and bull run for crypto is on its way.
— Justin Sun (@justinsuntron) June 18, 2019
Facebook launched Libra today together with the whitepaper of the new digital currency. While the crypto community sees this as a good addition to the industry that would potentially drive a huge mass adoption because of Facebook’s large user base, Libra has also attracted some negative reactions as well.
However, there seems to be a readiness to accept the digital currency by investors. According to the whitepaper, Libra is not just a means of payment but also offers an investment option that is likely to compete favourably with central banks across the globe. As more investors from Facebook’s user base enter the industry as investors, it is not unlikely that this could drive the kind of bull run that Sun is referring to.
Meanwhile, the number one cryptocurrency, Bitcoin has been on a bull run and still on it. With all of Libra’s potential influence, however, experts say it will only be a threat to central banks and fiat currencies because it is barely even a cryptocurrency because it is highly centralized with users not having the power to control anything. They claim Libra is just a centralized federal reserve currency.
Bitcoin on its own has been expected to grow significantly in the coming days as the technical indicators all point to this direction. In fact, it is expected to hit 2017 high of $20,000 in the next few days according to Fundstrat’s Tom Lee while people like Max Keiser are looking at $100,000 by 2021.
Therefore if Libra stirs a “huge” bull run, apparently it will just be an addition to the current Bitcoin bull run and the market in general even though central banks may be in trouble due to the competition. The cryptocurrency community will be waiting to see this long-awaited bull run caused by the new Facebook Libra.
