Bitcoin Vs. Libra: Is “trust” the secret to global domination?

  • 21 July 2019, Sunday, 13:10

Bitcoin’s financial prowess can no longer be ignored and traditional leaders have to choose sides between the disruptor and the status quo. Capital venture investor, Tim Draper leads this drive in making the shift into the unknown, while showing constant support toward crypto’s mass adoption. True to this initiative, Draper in an interview highlighted how banking institutions have joined hands to undermine Bitcoin.

In addition to pointing out the banks’ vulnerable position amid crypto’s rise, Draper further criticized that traditional economists that have predominantly resisted Bitcoin based on their previously published books that glorified fiat currency. He added,

“This (Bitcoin) can be a whole transformation of the economic system. Instead, economists have vested interest in keeping things the way they are. But progress moves ahead and they’re going to have to adapt. So tell them to write another book.”

Along the same lines, Draper welcomed Facebook’s Libra initiative as a positive step toward crypto adoption although he raised concerns regarding its inbuilt security and centralized approach. One of the main factors that stands as a barrier for Libra adoption is trust. He added,

“I would trust Facebook under Zuckerberg. But if he ever moves out and there’s a new CEO, I’m not sure I would trust them.”

As a result, Draper will keep his trust with Bitcoin over Libra, “a currency that is tried and true, that has been battle-tested, and is decentralized, open, transparent and global.” While Libra’s growth seems highly dependent on user trust, financial experts are speculating upcoming regulations to ease this transition and catalyze crypto’s mass adoption.

Source: ambcrypto.com