A letter to the investors sent by Bitwise, which is a cryptocurrency index fund provider based in the US, stated that the introduction of stable coin Libra by Facebook has accelerated the scenario of Bitcoin’s (BTC) progress by three years and has moved the world of cryptocurrency into a whole new level.
Matt Hougan, who is the global research head of Bitwise, on the behalf of the entire company, thanked Facebook and Congress as well for the introduction of its all-new level of cryptocurrency –Libra. Due to the introduction of Libra coin the conversations, mainstream discussions, and debates have moved up by two to three years.
As a consequence of the development of Libra and the hearings of crypto with Congress has made people realize that they no longer can avoid the discussion of cryptocurrency. However, Matt Hougan admits it that it is for sure that all the attention that is going to be received to cryptocurrency is not going to positive. And, the focus of the regulator on crypto may turn out to have negative ramification later.
However, this regulation will prove to be positive in the long run as the investors will be assured as the regulators will be involved and all the guidelines shall help in the development of a mature version of crypto.