Equity research platform Seeking Alpha is one of a number of sources claiming that bitcoin (BTC) will be boosted by the arrival of Facebook’s Libra token.
The company’s brief report suggested that publicity from mainstream consumers will ultimately flow into bitcoin, Cointelegraph reports. It goes on to say that “collateral attention” would help bitcoin’s price and its acceptance in the mainstream, especially when there us massive uncertainty in the global markets.
The report’s author, Ryan Waldoch, said, “I believe that Libra will allow users to be more inclined to use bitcoin as a peer-to-peer payment system while the uncertainties of the global markets are having investors flock into bitcoin as a store of value.”
Arthur Hayes, CEO of bitcoin derivatives platform BitMEX, has been talking about the same thing with Bloomberg. He’s about to debate cryptocurrencies with Nouriel Rabini, the man who hates bitcoin. Hayes had a prediction for Facebook’s Libra, saying, “I think it will destroy commercial and central banks.”
Media outlets have been almost obsessive in their coverage of Libra since the launch of the website in June, and this month there will be a hearing with US lawmakers about the project. They have asked that development of the Libra project is paused until they know more about it. There is likely to be a wider investigation by other countries into Libra’s technical characteristics, and there is a rumour that some governments may try to ban it completely, Cointelegraph reports.