Head of Growth at Blockchain.com Believes Facebook’s Libra Is Going To Be Positive for Bitcoin

  • Libra is going to have a positive effect in the market according to Haider Rafique
  • The digital currency could help individuals move to the crypto market

Haider Rafique, Blockchain.com Head of Growth, believes Facebook’s new digital currency project Libra is going to be very positive for Bitcoin and the cryptocurrency market. He considers that it is going to help attract more users to the crypto space.

Libra Could Help Attract New Users To The Crypto Market

During a recent conversation with CCN, the Head of Growth of Blockchain.com talked about Libra and the influence that it is going to have in the crypto market.

He mentioned that in general people are either too busy to care about their data or they do not care at all about it. Facebook has been using users’ data for companies to place ads on Facebook and Instagram. This is something that allows Facebook to have a very profitable business strategy in which they do not have to pay for users’ data in order to be able to sell it to firms.

Rafique considers that Mark Zuckerberg believes that the new Libra digital currency could be used to attract even a larger number of users to Facebook. There are many users around the world that would like to have a currency to make transactions in a fast and cheap way.

One of the things to mention is related to the market that Facebook is targeting. They are trying to attract users from different countries rather than just the United States. Nonetheless, Rafique says that blockchain companies want to capture the US market as much as possible and Facebook is also going to do it.

Despite being a competitor to some cryptocurrencies, in order for new users to understand how digital currencies work, they need to use them. Facebook’s Libra is going to attract a large number of users from different countries.

Rafique commented about it:

“The people who are on Facebook that have no interest in crypto, may potentially be incentivized into using crypto to transact on Facebook’s ecosystem. You know, you already have on-ramps. You can already put your card information on Facebook to engage in a number of different paid services. They already have a peer-to-peer payments tool.”

It is worth mentioning that there are several regulatory agencies around the world that are already discussing whether Libra will have to comply with local regulations. For example, Mark Carney the Governor of the Bank of England (BoE), said that he is “open mind” about Libra but not

“open doors.”

In Russia, the Chairman of the Russian State Duma Committee on Financial Market, Anatoly Aksakov, stated that Facebook’s cryptocurrency will not be legalized in Russia. Meanwhile, France decided to create a G7 task force in order to regulate virtual currencies and understand how to better deal with Libra.

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