The launch of the cryptocurrency by the largest social media company has faced nothing but criticism ever since Facebook announced its grand plans to dominate the global finance markets with its coin. However, it seems like that the Facebook Libra delay is not a threat to the market in general – and analysts believe that it won’t cause a crypto crash.
As the cryptonews from a couple of days ago noted, the billionaire and head of Facebook Mark Zuckerberg admitted that Libra has lofty ambitions and because of this, the project may take a big longer to reach fruition. Zuck avoided the question on a 2020 launch, hinting on a potential Facebook Libra delay:
“Obviously we want to move forward at some point soon [and] not have this take many years to roll out. But right now I’m really focused on making sure that we do this well.”
Zuckerberg also added that the company was already behind in work in areas such as protecting privacy, ensuring the users well-being as well as preventing election interference. The Libra latest news, however, hint that a lot could change when Libra enters the market.
Forbes, for example, has hinted that the Facebook Libra delay may be related to this week’s crypto market crash. However, the reality shows that anything Facebook does is very unlikely and not linked to the Bitcoin prices.
The report by Forbes goes on to say that Libra could be a potential Bitcoin competitor. However, if this is in any way true, the crypto markets would benefit from Facebook putting the anchors on its plans.
As it stands right now, the Facebook Libra delay is due to a lot of pressure that the company receives about potential scandals involving data breach, news manipulation, personal privacy violations, hacks and server breeches etc.
The senior vice president at the Ripple cryptocurrency company, Marcus Treacher, also commented about the crypto project, describing it as a “walled garden.” He said:
“Yes it’s a network, but it has no parameter. It connects with all of the players that want to use the technology.”
Meanwhile, XRP hit a 20 month low this week as it declined to $0.22 – angering the community and investors which dumped XRP back to levels prior to its massive surge back in late 2017.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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