<a href="https://www.forbes.com/sites/ktorpey/2019/10/16/us-congressman-facebook-should-adopt-bitcoin-drop-libra-project/#9b9ceac16b22">U.S. Congressperson Warren Davidson in</a> his recent interview suggested his Bitcoin preference than Facebook’s Libra. Recently, podcast hosts Michael Goldstein and Pierre Rochard interviewed him. Soon the conversation turned around Facebook’s Libra project.  His main concern for Libra is its level of centralization.

He said Libra would be regulated as a security if it ever gets launched. This would be because of consortium in control of the network making changes in the currency affecting the exchange rate. He quoted, “If that central authority is able to manipulate the value of [Libra], how do you not treat it as a security?”

Libra holders can harm themselves financially if they decide to add a comparatively weaker currency like Venezuelan bolivar in Libra’s Fiat Currency Services.
<h2>Negativity for Crypto</h2>
Most of the U.S. politicians look at the whole cryptocurrency market negatively. They think of it as a threat to their own highly controlled and manipulated the system. Earlier this year, Warren Davidson labeled Bitcoin as “<a href="https://www.cryptoknowmics.com/crypto/the-evolution-from-altcoin-to-shitcoin-in-4-steps/">Shitcoin</a>”. To emphasize he added, “All these features are different from many of the things people call colloquially ‘shitcoin’ because the value can be distorted by a central authority, so people do really have their assets at risk.”
<h2>Bitcoin over Libra</h2>
In the recent interview, one of the podcast host Rochard mentioned that CashApp was able to go off notice by integrating Bitcoin rather than doing something totally new. And asked Davidson if Facebook should approach the same way. To which Davidson answered, “I hope they try it because it’d be a way better idea than Libra”. He also pointed out that Facebook anyway filters contents on their social media platform and asked if people would prefer that kind of filtration in their digital currency platform.

According to Davidson, Libra also helped in a better understanding of cryptocurrency for Bitcoin critics. After this, some of his colleagues were determined to ban it.

Libra pressurized as Congressman seeks to assume Bitcoin

Debarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.

Libra pressurized as Congressman seeks to assume Bitcoin

Top Picks