These days, you can’t talk about the cryptocurrency industry without mentioning Facebook. Once a social media company with loose privacy policies, now at the center of the $250 billion industry of digital currencies, and the focus of central bank and regulators the world over. Facebook has come a long way.
Libra, their latest project, aimed at bridging the gap between the banked at unbanked, by means of a mobile device with an internet connection is in hot water. Noble as it sounds, regulators didn’t buy it.
It looks like Bitcoin folks aren’t too excited about Libra either, Max Keiser being one of them. The host of the Keiser Report, in an interview, with Kitco News spoke about everything from stealing candy from children, to Area 51 aliens poking and prodding CNBC presenters. In short, it was a typical Max Keiser interview.
On the topic of Libra, the outspoken Bitcoin evangelist Keiser called the project a “non-starter.” Keiser [like many] was not sympathetic to Facebook CEO, the pale-faced Mark Zuckerberg’s five hour testimony before the US House Financial Services Committee hearing on October 23.
He called Zuckerberg’s trip to Washington D.C. as mere ‘crypto-education,’ for Congress on decentralised currency, and it simply reiterated how great Bitcoin is.
In his words,
“The only thing it [the Zuckerberg hearing] did is it educated Congress about why Bitcoin is great and why Libra is a non-starter.”
According to Keiser, Zuckerberg’s apparent discomfort during the hearing was not due to the mountain of regulators from Washington D.C. to Tokyo opposing Libra, nor was it because of initial Libra members – MasterCard, Visa, PayPal, Bookings.com, eBay, Mercado Libre, and Stripe, leaving the project. He has a different theory altogether.