What if Facebook Adopts Bitcoin and Drops Libra?

It’s hard to feel bad for a multi-billion dollar company, but Facebook is really facing some tough times between congressional hearings, trying to launch their stablecoin, Libra and associated digital wallet, Calibra, and the apparent loss of support from key investors. This begs the question: What if Facebook dropped Libra and just adopted Bitcoin?

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Internet privacy has been a growing concern these last few years and DuckDuckGo, a privacy-focused search engine recently revealed that social media users are taking more steps to protect their online privacy, which could be a signal for a bullish trend in Bitcoin in the long term. How did this hypothesis come to mind? Consider the Libra project and how it’s long term goal was to overtake the cryptomarkets by essentially putting Libra in everyone’s digital pocket. But with transparency, privacy and security issues plaguing Facebook, the Libra project might have been doomed by association more than anything else. And that’s where Bitcoin comes in. Imagine Facebook adopting Bitcoin as its token of choice.

In a recent interview on the Noded Bitcoin Podcast, U.S. Congressman Warren Davidson from Ohio’s 8th District spoke about the key differences between Libra and Bitcoin. After the congressman used the term “shitcoin” during a 2019 congressional hearing related to Facebook’s project, he noted that there has been interest in digital cash systems well before Bitcoin existed, due to issues relating to, big surprise, the United States and China.

As the podcast conversation turned more directly toward Facebook’s Libra currency, Davidson noted that his biggest issue was centralization and further claimed that it became clear that Libra needed to be regulated as a security, if it was to launch, due to the fact that the central group controls the network and could authorize changes to its currency thus affecting its exchange rate. In essence, Libra token holders could suffer heavy financial damages if it lost value. He further speculated that if central authorities did not regulate the price of Libra, then who really does?

Though Facebook executives have had extensive debates and several hearings to keep the project from stalling, new suggestions about dropping Libra and adopting Bitcoin is becoming more commonplace. Davidson’s reaction to this direction is that it is “a way better idea” than creating Libra. He went on to express that “part of the beauty” of the Libra coin unveiling gave transparency to the problems that already exist on the social media platform. A bid to launch a proprietary cryptocurrency essentially boomeranged, shining a spotlight on many of the platform’s existing operations and issues such as censorship, filtered content, and bias. Davidson asked, do we want filtered speech or free speech? And by association and major concerns the question is: do we want filtered transactions or freedom?

Currently, Congresswoman Maxine Waters, Chair of the Financial Services Committee, requested that work on Libra stop until they better understood how cryptocurrency and Bitcoin works. In the meantime, Facebook has hired lobbyists to help push support on the hill. If we were going to take a wild guess, Facebook will not want to adopt Bitcoin and opt instead for their patent-pending stablecoin.






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