Libra is "clearly a positive for Bitcoin," says asset manager

Speaking to CNBC’s Squawkbox, Bart Smith, head of digital assets at investment firm, Susquehanna, noted that Libra - Facebook’s foray into the cryptocurrency industry - may actually be a positive for bitcoin.
Image result for Libra is "clearly a positive for Bitcoin," says asset manager
Smith believes that the differentiating Bitcoin and Libra is of the utmost importance, calling Libra a “digital token” rather than a cryptocurrency, and elaborating on the delineation between the two assets:
“it’s a digital token, in the industry we call it a stablecoin, it's backed by government-issued fiat, its held in global custody banks, and the transactions are validated by a bunch of corporations which include Visa, Mastercard Facebook and a bunch of Silicon Valley VCs”


Jumping off the aforementioned contrasting features between the two assets, Smith relays that the more informed people are of Bitcoin, the more they’ll see it as superior to Libra:
“If 2 billion users in Facebook … start to look at Libra and try to understand how its different and similar from Bitcoin, I think that that’s a positive.”
The host of Sqaukbox, Joe Kernen, became exceptionally heated, relaying his own thoughts on Libra; stating that for domestic use Libra would be “more expensive than regular banking,” and adding that “fiat currency is currency for governments, Libra is currency for corporations," and that "only Bitcoin is currency for the people.”
Kernen, ends his tirade by asking why Facebook should be the “one who dictates how digital currency works.”


The reactions to Libra are mixed, with many believing that Libra is bad news for Bitcoin, and other believing that it might even help the industry flourish.
One propagator of the latter theory is Anthony “Pomp” Pompliano who suggested that due to what he terms, token density theory – in essence, the more crypto initiatives, the better - Libra will actually prop up Bitcoin in the future:
“Based on the Token Density Theory, Libra is likely to create an influx of users for Bitcoin and other tokens if it successfully launches,” said Pomp.
What do you think? Will Libra be good for Bitcoin? Let us know your thoughts in the comments!

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