I have written in the past about my interest in cryptocurrencies and their potential to be a more sound store of value than government currency. Recent geopolitical economic instability (tariffs, currency devaluation, Brexit) has resulted in BitCoin prices surging. BC has broken the $9K per coin mark in the last couple months – more than double what I paid when I jumped in with a small bet two years ago.
Now there is a new crypto coming to market that looks especially promising, based on who its backers are. Libra, which is being launched by Facebook, has a roster of big names behind it – including financial heavyweights VISA, MasterCard, and PayPal. They are hyping it as “a simple global currency and infrastructure that will empower billions of people”. With companies like Spotify, Vodaphone, Uber and Lyft as partners, it gives you the thought that this might be the crypto that becomes transactional. Fortune magazine calls it “cryptocurrency for the masses”.
This Verge article says that the initial focus will be in establishing Libra in areas of the world that are underserved by banks. That’s clearly an opportunity given how corrupt government currency is in many of those places. They are presenting Libra as a “democratizing global currency”. One can’t help but wonder how long will it be before Libra starts becoming adopted in the developed world?
My small investment into cryptos (BitCoin & Etherium) is up +72% in the last two years. I think will double-down with a buy on Libra when it becomes available. It won’t be a material part of our portfolio, but I’d like to be a part of it as it rolls out.
What do you find interesting about Libra?