Popular Bitcoin Proponent Says Controversial Libra Stablecoin Will Impact Central Banking Heavily

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Antonopoulos has strong faith in the people in charge of Libra and has good hope in what Libra can be if done right.
  • Facebook’s Libra has been a rollercoaster of expectations since Facebook announced it on 19 June 2019.
  • The Libra Stablecoin is backed by a basket of stable currencies that functions within the respective countries of the consumer.

Antony M Antonopoulos, a very strong Bitcoin proponent, has shared his opinions on the controversial Libra Stablecoin that is being developed by Facebook on the latest episode of Let’s Talk Bitcoin podcast.

Facebook’s Libra has been a rollercoaster of expectations since Facebook announced it on 19 June 2019. The initial release sent ripples across the cryptocurrency world as it was received with high expectations initially.

Then a few months later, partners on the project began bolting, the core details about the project started getting fussy, and central banks and regulatory authorities were all over the project with their criticisms.

Antonopoulos, however, sees great potential in the Libra Stablecoin, giving his thoughts on the Libra whitepaper, the technology backing it, and the potential it holds and what it could bring into the crypto market.

Antonopoulos has strong faith in the people in charge of Libra and has good hope in what Libra can be if done right. He believes that Libra’s success is very probable due to its perfect blend of the best features in cryptocurrencies and then worked on it further and pushed it up a notch.

Antonopoulos also believes that having Facebook being the authority behind the cryptocurrency will bring a lot of PR for the Stablecoin, and the public will adopt it due to all the benefits that a Stablecoin provides and due to the large multinational corporation backing it.

Furthermore, the Libra Stablecoin is backed by a basket of stable currencies that functions within the respective countries of the consumer. When there is an option to opt for Libra instead of holding onto fiat currencies where their governments will manipulate the currency, the public will most certainly opt for the former.

Libra’s presence, although controversial, has managed to rack up considerable interest from the outside world into cryptocurrencies and has pushed many countries to start investigating the possibilities of central bank digital currencies (CBDC).

Libra brought forth more global awareness on the promises behind cryptocurrencies and the potential they hold. Currently, Libra expected to be released sometime this year.

Antonopoulos says,

“We’ve now entered the era of cold currency wars. The world is about to have an iron curtain drop in currencies like we’ve never seen before. We’re going to see a fundamental split between East and West in the evolution of state-based currencies, corporate-based currencies, and open cryptocurrencies.”.

The Let’s Talk Bitcoin podcast focuses on ideas and events in the Bitcoin and cryptocurrency world. Adam B. Levine hosts the podcast with co-hosts Antony M Antonopoulos and Stephanie Murphy.

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