Facebook plans for introducing new cryptocurrency named Libra
Facebook newly planed to introduce cryptocurrency. The price of bitcoin has surged above $11,000 (£8,600), its highest level in 15 months, amid renewed hype over cryptocurrencies after Facebook said it was planning to launch a digital currency next year.
Libra, by contrast, is permissioned, meaning only a few trusted entities can keep track of the ledger. That makes it more like a digital currency rather than a cryptocurrency, says Lana Swartz, an assistant professor of media studies at the University of Virginia who’s studied the bitcoin community extensively.
Bitcoin’s price has steadily risen since April, and this week, it surpassed $10,000 for the first time in 15 months—dating back to March 2018.
News of the Libra, and its effect on bitcoin, has understandably piqued the interest of crypto speculators, some of whom may be anticipating a Libra boomlet. For investors hoping to cash in on Facebook’s crypto plans, there are two obvious choices: 1) buy facebook share or 2) buy Libra—that is, when it becomes available in early 2020.