ShapeShift Founder Erik Voorhees Voices Support For Facebook’s Libra And Its Qualities

ShapeShift CEO Erik Voorhees recently attended the Bitcoin2019 event, a conference in San Francisco that recently concluded on June 26^th. At the event, Voorhees spoke about Libra, the new stablecoin cryptocurrency that is due to be launched by Facebook in the first half of 2020. Though the official launch date is pretty far away, it is possible that the cryptocurrency exchange service will end up integrating the new asset.

Presently, Libra is more of a concept than an actual cryptocurrency, but that does not mean that ShapeShift is not ready to welcome it with open arms.

Voorhees stated,

“It’s too early because it doesn’t exist yet, but i would love to integrate Libra into ShapeShift when it does exist.” However, the faith that Voorhees has in the cryptocurrency will be determined by how well the project may work. He noted, “The really interesting thing about Libra is what rules are based on it.”

Right now, even with the optimism, Voorhees has a few concerns about Libra, calling attention to the fact that the whitepaper’s present intention and the reality of the launch could be much different. He said that Libra is presently centered around “a relatively decentralized worldview,” but that idea could change before Libra becomes a reality. He added, “We will see how freely it can move,” referring to the technical side of the stablecoin.

Ultimately, there’s a chance that Libra could help with Bitcoin adoption, since the value could end up being higher than the dollar. If that is true, it could become a more attractive way to pay, which makes Voorhees “very excited.”

Facebook’s social media platform has a substantial amount of the world’s population already connected, giving Libra the advantage of worldwide exposure before it even launches. By opening this door, millions and millions of people will learn about digital currencies in a way that never has been possible, which Voorhees sees as an advantage for the American market.

In the same respect, new users could end up using Libra as a way to get involved with Bitcoin, while making them familiar with the price volatility that exists in the market right now. Voorhees explained that it is clear that Libra’s price will fluctuate, but not nearly to the same degree that Bitcoin has. Hopefully, this fluctuation will help consumers to see that price movement is normal for any asset, and it may eradicate the fear that some people have with entering the market.

Regardless of this new launch, Bitcoin is clearly doing well for itself. At the time of writing, a single BTC was worth $10,965.85, even though it has lost over 13% of its value in the last 24 hours.