Banks Fear Facebook's Libra Coin! Bitcoin Holding Strong, Future Highs to Come? Crypto News

Banks Fear Facebook's Libra Coin! Bitcoin Holding Strong, Future Highs to Come? Crypto News



hey everybody it is Maddie here with altcoin buzz with you on this Thursday and I hope you're having a very nice one we are still talking about Facebook about Project Libre about global coin and of course Bitcoin we'll be taking a look at coin telegraph calm the US Federal Chair says Facebook's believer carries both benefits and risks things are getting a little bit political on CCN calm a clear threat big for Australian Bank fears Facebook's crypto Libra and probably with some justification on Bitcoin is calm Facebook's Libra will primarily be used to buy Bitcoin that's according to fund strat and our buddy Tom Lee here on FX Street calm Bitcoin price prediction so Bitcoin USD pairing cautiously creeps above nine thousand three hundred dollars we'll give you some key highlights including resistance points and support and we're also gonna look at a theorem world news.com between above nine thousand dollars and it's all institutions and now let's begin here on all coin buzz a dot IO with this piece of Facebook has a date with the US Senate Banking Committee as I mentioned things are getting political article here by Chris with Facebook releasing Libra their cryptocurrency regulators in the US have scheduled a hearing on July 16th with the Senate Banking Committee if you haven't checked out Billie's last video he also went over some of these details and highlighted some of the quotes including what Maxine Waters had to say about Facebook it seems like the company's getting a lot of hate all of the sudden now that's been initiating these plans and again some of it I think is justified perhaps not the hate but at least some of the criticism because they've dropped the ball before when it comes to customer and client data and privacy issues so a few days ago Facebook released Libra their cryptocurrency quote-on-quote since then there has been a lot of excitement and confusion about the coins release things appear to have gotten worse for the company as they now have a hearing with the Senate Banking Committee on Wednesday July 16th representative Maxine Waters chairwoman of the US Financial Services Committee has demanded that Facebook temporarily halt any development on the project until they can investigate it further quote given the company's troubled past I am requesting that facebook agreed to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action that's a quote by Maxine Waters and that troubled past she's referring to data breaches breaches of confidentiality mismanagement and mishandling of customer data and privacy issues French finance minister Bruno Lamar and a German member of the European Parliament Marcus Ferber commented on the coins release Ferber made a great point and said that with over 2 billion users called Facebook could become a shadow bank and regulators should be on high alert quote it is out of the question that Libre becomes a sovereign currency it can't and it must not happen this money will allow this company to assemble even more data which only increases our determination to regulate the Internet giant's that's courtesy of Bruno Lemaire but so far Facebook seems to be cooperative they issued the following statement quote we look forward to responding to lawmakers question as this process moves forward let us don't you think about this development so that Senate hearing committee happening on the 16th of July in just under a month or so do you feel like Facebook is too big is too powerful perhaps has too much of a spotty history to be engaging in this kind of currency creation let us know your thoughts but all these developments in the comments below you can also read about this here on Point Telegraph com US Federal chair Facebook's Libra carries both benefits and risks Jerome Powell the head of the United States Federal Reserve has said that he recognizes both potential benefits and risks to face books recently unveiled Libra cryptocurrency project Powell made his remarks during a press conference broadcast on PBS Newshour that was on June 19th Powell confirmed that Facebook had reached out to discuss the project with the Fed noting that the company had ostensibly quote made quite broad rounds around the world with regulators supervisors and lots of people to discuss their plans and that certainly includes us it's something we're looking at we meet with a broad range of private sector firms all the time on financial technology and there's just a tremendous amount of innovation going on out there – whether libras should come under any formal regulation as such Powell clarified and said the following quote we don't have plenary authority over crypto currencies as such they play into our world through consumer protection and money laundering but I would say that through international forums we have significant input into the payment system and play an important role in the payment system here in the United States and as we mentioned in our previous piece French Minister of the economy and finance Bruno lemare has said that the government intends to quote ask for guarantees from Facebook in regard to libre facebook causing a stir up here in the world of international finance here on cnn.com a clear threat big for Australian bank fears of Facebook's crypto Libre so banks at least certain ones it seems are shaking at the sight of Facebook Libra the banking system is afraid that they will be rendered as dinosaurs in a fast-moving world where payments are becoming incredibly fast cheap and convenient and I think that's a good point I think they have reason to be afraid this is evident from the comments made by National Australia banks one of Australia's big four banks business banking head Anthony Healey as reported by The Sydney Morning Herald quote they're not the first company to launch a crypto payment solution but they do have immense reach obviously through their Facebook platform with a billion plus users on its platform it is clearly a threat the inclusion of payment processors and other tech upstarts crypto exchanges included clearly indicates that the company is looking to bypass the banking network in a bid to knock down the barriers and get straight to the consumer hey I don't see as an experiment at least what's wrong with that now I may not be in support of Facebook's project Libre but I can't say that I am against the idea of what they're trying to do at least in theory so for instance you wouldn't need a bank account to fund your uber ride and you can simply use Libre to do the same using a payment processor such as Visa or pay you or you can visit your local Walmart and make a payment using Libra you know if I were this individual what was his name Anthony Healey the business banking head at National Australia Bank I think I would be a little bit concerned to look to be honest I mean that's how I see he does have something to be concerned about whether it's Facebook's project Libre whether it's something else this is the way things are moving personally I don't trust Facebook to be the one to implement this sort of change but you can see what consumers are demanding you can see the future of financial convenience in terms of transactions and there's no question that we're heading in this direction here on Bitcoin is calm you can read about how Facebook's Libre will primarily be used to buy Bitcoin that's according to fun strats so apparently they are calling Mark Zuckerberg here a useful idiot for Bitcoin adoption there's been no shortage of opinion over Facebook's foray into crypto this week most industry heavyweights are in agreement that Libre is about as far from Bitcoin as the greenback is but the new digital offering will have an impact on the crypto scene and it may not be that bad so is Mark Zuckerberg a useful idiot for Bitcoin adoption will Russia today's Max Keiser is of that opinion like many he believes that Bitcoin will ultimately benefit from Facebook's foray into crypto assets quote it's built into the protocols Genesis block that eventually a heavyweight like Facebook would take on Bitcoin this increased awareness and appeal to would-be potentates will of course drive the hash rates to new highs leading to new all-time highs for Bitcoin price suck is satoshis useful idiot possibly I like that argument I got to say it's logical and then you have fun strat co-founder and Bitcoin Bowl Tom Lee who has shared the view that Libre will be a good thing for Bitcoin quote Libre pretty much destroys anyone who believes blockchain not Bitcoin so Facebook is launching a cryptocurrency albeit a stable coin even traditional Fiats primary use to buying financial assets hence Libra primary use likely to buy Bitcoin that's not a bad argument either I wouldn't be surprised if the adoption of Libra or global coin or whatever they're calling it if the adoption is successful it's going to be that many more people that have their toes in the water in the world of cryptocurrency that many more people that are going to be buying Bitcoin ultimately with that particular currency with their global coin with their Libra if you guys are interested in a more in-depth price analysis you can check this out here on FX Street comm in Bri Bitcoin USD managed to settle above $9,300 amid steady recovery on Thursday and the next critical resistance awaits Bitcoin bulls at nine thousand five hundred and fifty dollars check out all the Bitcoin confluence levels the resistance levels and the support levels for more information if you're excited about this kind of stuff you can also check out a theorem world news.com Bitcoin above $9,000 and it's all institutions now as we've been talking about Facebook's foray into this space I think has also perked up a lot of others eyes and ears there all of a sudden paying attention this is no longer quite the Wild West it used to be it's no longer the the realm of at least purely swindlers there are some very legitimate and very large interests that are now paying attention and rightfully so but that about wraps it up for the news today everybody do be sure you are following us on all the regular social media channels and keep checking back in to our website altcoin buzz dot IO if you enjoyed this video go ahead like subscribe share hit the bell to receive notifications let us know you think about Facebook and Libra and global coin Billy asked the question last time do you feel it is a proper cryptocurrency by now you know my opinion my opinion is that certainly not it's perhaps a digital currency at best but it's not a cryptocurrency it's not bottom up it's extremely top down so let us know your thoughts about that if you choose to invest on this Thursday members of the altcoin buzz army hey all the very best of luck start gearing up for that end of the week it's coming soon we do hope to see you again soon again in our next video take care you

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