Uber, and all executives in the Facebook network have launched Libra: A new cryptocurrency coming to us in 2020. So, what should we wrap our heads around before we get too excited on the prospect of a new financial system? Probably the fact that the digital currency will have the ability to completely change all banking institutions in the next couple of years.
What does all of that mean? Let’s take baby steps to explain the thought process behind it all.
Congress is worried about Facebook’s alleged growth into the banking establishment.
When the President of the United States, the Secretary of the Treasury, the Federal Chairman, the Republicans, the Democrats, and all of the citizens start to grow weary, it’s safe to say that there’s a reason to be cautious with the rising of Libra.
“Is this a Facebook power play to expand the company?”
“Should we trust the new cryptocurrency system?”
“Is our money safe and supported?”
“Do we have to worry about cybercrime, tax evasion, extortion, and other horrifying crimes
associated with cryptocurrency?”
All of the above questions are valid – and Congress and the people want them answered.
So, why is Congress ultimately shunning the cryptocurrency?
Senators are willingly expressing their concerns regarding Libra. Senator Sherrod Brown, Senator Martha McSally, and U.S. Treasury Secretary Steven Mnuchin all claim that they do not trust Facebook and Zuckerburg – and there are several other people in Congress backing this statement. Put plainly, if we do trust Facebook, and we do go ahead without second-guessing the process, we’re giving the CEO’s and executives the right to play with our money however they wish.
There’s a lot of doubt about the entire process.
But Facebook executive David Marcus tells us all that there’s nothing to grow scared about. According to Marcus, a former high-ranking executive over at PayPal, he will not allow the system to launch until all regulatory issues are dealt with – and supposedly, that’s a promise.
Do we go ahead and believe in him?
What could potentially happen after the unleash of Libra in 2020?
Let this scenario play out in your mind: There are billions of users on Facebook every single day. If every user on that social media platform decided to use Facebook to conduct money transactions using the cryptocurrency method, what would happen? For starters, the United States and all other country’s currencies will eventually be omitted.
This is a DANGER to all politicians, all banks, and all currency systems. Eventually, Facebook will be the largest banking platform in the world, and all the other giants like J.P. Morgan and
Citigroup will cease to exist.
If this train of events continues to soar, what will the outcome be?
It’s sad to say, but the cryptocurrency market will explode, and the use of cryptocurrency will become mainstream. Jobs will be created to help grow and expand the market, and all duties associated with traditional banks will be pushed aside.
Anyone in on the action will, of course, indulge in the money granted, the power given, and the financial opportunities given. Everyone left out of the equation will have to fight to find a new career – at least those involved in any banking route, ever. Unless you agree to go over to the ‘dark side.’
Facebook should be cleaning up shop (in-house shop), before expanding and launching a new business model – especially one that involves our banking accounts and hard-earned money.
That’s why Congress is shunning the system, and that’s why a growing concern is yet to be dismissed.