The whole crypto community was excited and curious to learn all there is to know about Facebook’s crypto Libra.
We recently reported that Facebook announced its Libra coin and the Calibra wallet. According to the social media giant, this move will be reinventing money.
They claim that sending money will become as simple as sending a message or a photo for Facebook Messenger and WhatsApp users.
Justin Sun’s thoughts on Libra
Facebook has billions of users on a global scale, and Libra will definitely see mainstream adoption for this reason, according to more crypto experts.
Justin Sun has also offered his opinion on this project, and he seems to be very optimistic about it.
He says that it will trigger a FOMO and also a potential bull run for the crypto industry.
Here’s his tweet below.
Facebook and #LIBRA. I feel a huge #FOMO and bull run for crypto is on its way.
— H.E. Justin Sun 🍌 (@justinsuntron) June 18, 2019
While some people said that Libra could trigger crypto adoption, others are not too enthusiastic about the project.
@justinsuntron you mean #Fomo for a huge, closed financial golden circle that is the equivalent of gift cards but with more fees, no cap on the amount that can be printed, centralized distribution, cannot be mined, and costs $10m to run a node? @CryptOwenWilson #bitcoin pic.twitter.com/tuyvdV22mx
— ĘG ❁ I support EUNO (@EmanuelCoin) June 18, 2019
Bitcoin has been doing great lately, and ZyCrypto notes that if Libra does stir a bull run, it will just be an addition to the current Bitcoin bull run or upward trend that the most important coin in the market has been seeing for a while.
Facebook to testify before the US Senate
Facebook’s Libra will be governed by a lot of companies and the social media giant might have caused regulators to freak out that it will establish a new banking system with billions of users upon launch.
According to the latest reports coming from the Daily Hodl, CNBC reported that David Marcus, who is in charge of Facebook’s blockchain efforts, is expected to testify before the Senate.
The online publication says that the information comes from a source in Washington familiar with the matter.
Libra would reportedly also face massive problems in India due to their regulations and according to a source it will most likely not even be made available there.