Bitwise, United States-based cryptocurrency index fund provider declared that Facebook’s Libra stablecoin moved Bitcoin’s progress by three years in a letter to investors published on its website.
Libra Made Cryptocurrency Popular
Matt Hougan, Bitwise’s global head of research said:
“Thanks to Facebook’s Libra and Congress, we have just fast-forwarded two or three years into crypto’s future, accelerating all the conversations, debates, and mainstream discussions into the present day.”
The firm said that consequence of Libra’s development and the crypto hearings with the Congress made “people realize they can no longer ignore cryptocurrency.” Still, Bitwise admits that not all of the attention devoted to crypto may be positive and that regulators’ focus on crypto may have negative ramifications in the future.
The firm also noted that it expects the government to regulate on the shadier parts of the cryptocurrency industry, such as initial coin offerings and unregulated exchanges. Bitwise concludes:
“But even this scrutiny and attention will be good for crypto long term. It will give investors the assurance that regulators are involved and will clarify the guidelines under which the mature version of crypto can develop.”