Why Is Facebook Bringing Out Its Cryptocurrency Right Now?
Libra's cryptocurrency, announced by Facebook in 2019, was due to be released this year, but it was postponed. Now the new Facebook cryptocurrency may appear in a few months. Why is the right time now?
During the 2020 pandemic, the cryptocurrency has seen slow but steady growth - from a bitcoin price of around $ 5,000 in March, it has now tripled. The price of Ethereum, which started the previous cryptoboom, was around $ 120 in March and now hovers between $ 500 and $ 600. All this quietly hints at the return of the cryptocurrency, and Facebook understands this market movement.
Libra was unveiled in June 2019 and initially received widespread support - Visa, Mastercard, PayPal and Uber agreed to join Facebook. Later, however, in addition to the collapse of the cryptocurrency market, the United States Banking Committee became more interested in Libra, given Facebook's poor history of protecting personal information. As a result, many of Libra's partners withdrew. All this led to the postponement of Libra, but it was most likely better for Facebook, as the launch of Libra would have been bad for its growth during the cryptocurrency slump.
Now, considering the rise of cryptographic markets, the renewal of the Ethereum blockchain on December 1, as well as the increase in bitcoin prices, Facebook analysts decided to enter the cryptographic market. However, due to the strict regulations of the European Union, Libra comes primarily as a cryptocurrency pegged to the US dollar. Later, as regulations and other factors ease, Facebook will expand and connect with other currencies. But there really can't be better timing - cryptocurrencies are coming back and the interest of a larger audience is recovering.
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