Bitwise Report Elaborates on How Facebook’s Libra Project Pushed Bitcoin’s Development by Three Years
- Bitwise — a U.S. cryptocurrency index fund provider — recently released a study in which it claimed that Facebook’s upcoming stablecoin offering Libra has accelerated BTCs progress by a little over three years.
- This increased attention comes at a time when the industry at large is facing added scrutiny from regulators all over the globe.
A US-based index fund company, Bitwise, has just released a report in which it claims that 2019 has, thus far, been a phenomenal year for crypto. Not only that, the study also states that as the industry continues to garner more and more mainstream attention (from regulators and other financial institutions), this domain as a whole will witness faster development.
For those of our readers who may not be aware of Bitwise, it is one of the world’s first investment funds to provide its clients with direct access to digital currencies. In its latest investor letter, the firm’s executive brass has pointed out that over the course of the last 18 months, the crypto industry has made a recovery of more than 200 percent. As a result of this, a number of big name players like Fidelity, NYSE, Facebook, Square and TD Ameritrade have either already entered or are looking to make their way into this burgeoning field.
Bitwise’s research staff believes that the announcement of Facebook’s Libra token should be viewed by everyone as being a landmark day for the crypto industry. This is because the entry of a social media juggernaut such as BTC into this field brings an air of legitimacy to this domain as a whole.
Since FBs aforementioned announcement went live, currencies such as BTC, ETH, XRP have become staples of many news programs that are being aired on various mainstream networks such as Bloomberg and CNBC.
Even though it still remains unclear as to whether Libra will be able to make its way into the market, it seems as though a barrage of media attention has already started to flow into the crypto space because of the digital offering.
As things stand, the US Congress is holding a number of hearings regarding Libra so as to determine whether the upcoming altcoin poses any major threat to the nation’s economy or not.
Even though most people are of the opinion that this extra regulatory scrutiny may harm the alt-asset sector, Bitwise officials believe that increased governmental involvement will be a positive development for the industry.
“The reason this matters now is that by forcing crypto onto center stage, Facebook’s Libra and other catalysts have changed the nature of conversations that investors are having about crypto around the world,”