If you’ve been following cryptocurrency news at all, you know that Facebook and their Libracoin has been in the news consistently.
Since Facebook’s announcement about Libra, there has been no shortage of backlash and calls from governments across the globe telling Facebook to ‘slow down’ with this project.
For the most part, these pleas have gone unanswered by the social media giant.
Now, prominent members of the cryptocurrency community are joining the fray and asking Facebook to listen to regulators.
Cryptocurrency Elite Join In
The Winklevoss twins are known as great advocates of cryptocurrencies. They were bullish on crypto even when no one (except tech geeks) even knew what it was. The remained bullish during the worst periods of 2018 and continue to remain so today.
The two were deeply involved with Facebook in the past, which resulted in quite a few issues and an ‘unusual relationship’ to say the least.
However, the twins appear to be more than ready to support Facebook’s new cryptocurrency, Libra. They appear to remain convinced that Libra will be a very positive thing for the world of cryptocurrencies.
Libra Can Change the World
No matter what side of the privacy coin you’re on, one thing is certain… If a company as massive as Facebook starts working with crypto, the world will follow.
What other effects might this have for the cryptocurrency space and the world?
Digital coins will be demystified and people will start feeling more comfortable with the prospect of using digital currency. Before long, millions of new users and investors will start entering the space.
They might make only a few moves first, a type of shy exploration. They may stick to things like stablecoins to ‘protect’ their investments. But once they get more familiar with the crypto space and the unalterable crypto trend — they are bound to not only stay, but delve in deep.
According to the twins, they expect that other tech giants will follow Facebook’s example and launch their own coins. Tyler Winklevoss openly stated that their prediction is that every FANG firm will have its own crypto in the next two years.
When asked for advice that might help Facebook or other firms, Tyler advised cooperation with lawmakers.
He stressed this as the most important part of launching a successful project. He believes it is extremely important for good communication to exist between companies and regulators in order for business and projects to grow. Ultimately the right laws can allow innovation to grow and flourish, while the wrong ones will damage and stifle it.
While the twins did admit that Facebook’s Libra will be an extremely important coin for the cryptocurrency space — the two did not reveal whether or not they themselves are planning to use Libra. They said that they, as well as their crypto exchange — Gemini, will keep evaluating.
The ‘Rivalry’ Continues
The launch of Libra raises an entirely new group of questions, particularly as many now believe that Facebook’s new coin will increase the company’s competition with the Winklevoss brothers.
After all, the Twins have been hard at work on bringing their own crypto products and services to the space since 2014. At the same time, there are many who believe that Libra is rather similar to Gemini Dollar, which the twins launched in 2018.
Tyler Winklevoss also commented on this as well, stating that it is very interesting. Libra, as far as anyone knows, is supposed to be a basket. It will be tied to various assets that will keep its price safe.
Meanwhile, the Gemini dollar (GUSD) is a one-to-one peg to the US dollar. The two may have some similarities, but they are also different enough for both of them to receive their own use cases.
However, the brothers seem to have no doubt that Facebook’s Libra will bring an excessive amount of competition to space, which is why they plan to focus on improving Gemini, as well as Gemini dollar. To achieve this, they recently acquired some new talent.Gemini recently hired on five former Coinbase engineers.
Their ultimate aim is to continue their global expansion and continue to work on and improve their mobile app. In addition to that, Cameron hinted at the possibility of adding more assets to Gemini in the second half of 2019.