{"id":108711,"date":"2019-06-21T11:43:43","date_gmt":"2019-06-21T11:43:43","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=108711"},"modified":"2020-04-09T18:42:51","modified_gmt":"2020-04-09T17:42:51","slug":"libra-could-expand-bitcoins-userbase-by-70-fold","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/libra-could-expand-bitcoins-userbase-by-70-fold\/","title":{"rendered":"Libra could expand Bitcoin’s userbase by 70-fold"},"content":{"rendered":"

Facebook's newly announced stablecoin has been the focus of the entire industry, as many experts believe it could act as a gateway for Bitcoin for its 2.4 billion-strong user base. Exposure to a relatively stable digital asset such as Libra could make people interested in other, more decentralized and privacy-focused cryptocurrencies.<\/p>\n

Libra could be a boon for crypto<\/h2>\n

Facebook's newly announced cryptocurrency project, Libra<\/a>, has been at the forefront of media attention in the past couple of weeks, with the coverage intensifying as more details about the platform were revealed.<\/p>\n

\"Coin<\/a>
Related:\u00a0Coin Center director: Libra\u2019s path towards permissionless is flawed, unlikely to become decentralized<\/a><\/figcaption><\/figure>\n

While many were quick to dismiss the effect Libra could have on the broader crypto market, it seems that the highly-anticipated digital asset is already making waves throughout the industry. Despite the problems it faces\u2014which include centralization<\/a> and lack of privacy<\/a>\u2014Libra was still celebrated by some in the crypto community.<\/p>\n

Garry Tan, the managing partner at Initialized Capital, said that Libra's launch was a “big day” for the crypto industry, as it has the potential to transform the crypto market. Tan pointed<\/a> out that Facebook has 2.4 billion users, while WhatsApp, the messaging giant owned by Facebook, has over 1.5 billion. Recent studies estimate<\/a> the number of crypto users worldwide to be roughly 35 million.<\/p>\n

That means that a large percentage of those users could get exposure to other cryptocurrencies through Libra, drastically increasing the number of crypto users worldwide.<\/p>\n

Tan noted that while the Libra whitepaper<\/a> was in no way perfect, its ability to increase the reach of other similar projects by tenfold is a once-in-a-decade opportunity that shouldn't be ignored.<\/p>\n

\n

What they released today might not be perfect but if you can 10X reach in any platform that is a once every 10 years event. <\/p>\n

100X is once in a lifetime.<\/p>\n

— Garry() (@garrytan) June 18, 2019<\/a><\/p><\/blockquote>\n