Bitwise: Facebook's Libra Project Accelerates Bitcoin and Cryptocurrency by 3 Years

The U.S.-based cryptocurrency asset management company Bitwise claimed that Facebook's launch of the Libra project has accelerated the progress of Bitcoin and the overall cryptocurrency market by at least three years.

According to a letter from Bitwise to investors on 8/1, Matt Hougan, Global Head of Research at the company, stated:

Thanks to Facebook's Libra and Congress, they have pushed the progress of cryptocurrency forward by two to three years, accelerating all conversations, debates, and mainstream discussions to date.

In the letter, they also mentioned that July of this year was a crucial month, even considered a "milestone" for cryptocurrency, evident from the surge in Bitcoin, increased public discussions, and more. The letter stated:

We have never seen anything like what happened in July, with cryptocurrency becoming mainstream this month, embarking on an extraordinary journey from the fringes of fintech into the heart of conversations about finance and the operation of money itself.

Blockchain and cryptocurrency are still niche topics among the general public, but when they see Facebook, which virtually everyone in Taiwan has an account with, introducing an industry they have never encountered before, the interest is sparked.

Furthermore, governments around the world are gradually paying attention to this:

In just the past month, the U.S. House of Representatives and Senate held two consecutive days of crypto hearings, followed by another hearing this week; the U.S. Securities and Exchange Commission (SEC) approved the first Reg A+ token issuance, paving the way for a restart of the initial coin offering (ICO) market.

While the approval and issuance of Libra by the government may face challenges, it has brought attention from both the government and the public to cryptocurrency.

However, Bitwise also acknowledges that not all attention on cryptocurrency may be positive, and the same goes for regulatory bodies. Focusing solely on cryptocurrency could have negative implications in the future.

Regardless of whether the impact is positive or negative, discussion is always beneficial. As more people become interested in blockchain and join the conversation, more issues will be raised and resolved, progress always stems from the problems themselves.

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