Bitcoin Fans Spy Opportunity in Facebook Libra Launch

Date : 06/18/2019 @ 3:19PM
Source : Dow Jones News
Stock : Facebook, Inc. (FB)
Quote : 198.36  -2.42 (-1.21%) @ 1:00AM

Bitcoin Fans Spy Opportunity in Facebook Libra Launch

Facebook (NASDAQ:FB)
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By WSJ City 

Bitcoin's backers are adamant that Facebook coming digital currency, Libra, won't spell the demise of other cryptocurrencies. To the contrary, many believe the launch of Libra spells opportunity.


--- Libra's corporate backers are a contrast with bitcoin, which was created by an anonymous coder.

--- That is one of the reasons supporters of other cryptocurrencies believe Libra is likely to be good for them.

--- Many think the initiative will raise awareness about a concept that is still hazy for a lot of people.

--- Others say Facebook will struggle to overcome privacy concerns that are at the heart of bitcoin's appeal.

--- After reports about Libra Tuesday morning, bitcoin was trading at around $9,190, up about 12% since Thursday.

Why This Matters

It is possible bitcoin's backers are being naive. Facebook will cast a large shadow over the sector. The total market value of the more than 2,000 cryptocurrencies trading is about $286bn, according to CoinMarketCap. Facebook's market capitalisation is $539bn. Bitcoin versus Libra could be a fight over privacy too. Bitcoin doesn't require any identification to use it. Facebook, meanwhile, collects a tremendous amount of information about its users, and has a chequered history of protecting it.

A fuller story is available on

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(END) Dow Jones Newswires

June 18, 2019 10:04 ET (14:04 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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