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Bitwise Praises Facebook’s Stablecoin for Giving Impetus to Bitcoin and Cryptocurrency

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Bitwise Praises Facebook’s Stablecoin for Giving Impetus to Bitcoin and Cryptocurrency

In a letter released by Bitwise, it announced that Libra, the much-talked-about stablecoin by Facebook, has aided in accelerating Bitcoin’s growth pushing it forward by three whole years. 

Matt Hougan, the company’s global head of research, appreciated Facebook’s stablecoin and the US Congress in accelerating Bitcoin’s progress by three years. Citing Libra’s growing dominance in the market, the letter asserted cryptocurrency as a game-changer in the rising economy. Once ignored and ridiculed, cryptocurrency is now being widely accepted across several nations. Although the acceptance has been quite wary in several areas with the scrutiny of the regulators occasionally getting in the way of future progress. 

Bitwise in the letter also wants the government to increase cryptocurrency regulation for unregulated exchanges and initial coin offerings as opposed to resisting the entire crypto sector as a whole. The firm concludes the letter by stating that even the criticism of regulators would act as a good push for the crypto industry in the long run. Investors in cryptocurrency would be assured of regulators being involved in the sector. It would also provide for clarification of prescribed guidelines through which an advanced version of cryptocurrency could further develop. 

Libra: The Most Awaited Cryptocurrency 

Libra has been establishing itself as a frontrunner in various aspects. According to report, the stablecoin is said to have received huge investments from giants like PayPal, Visa, Uber, and MasterCard. The money would be used to create the coin, overcoming barriers like price volatility and ensuring the success of the cryptocurrency. Facebook has been on the hunt for investors for over some time. The company was looking forward towards investments of $1 billion amid money laundering doubts. Other notable companies like Booking.com, Stripe, and MercadoLibre have all been reported to pitch in the long line of investors.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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