Post
Topic
Board Speculation
Re: Does Facebooks's Libra cause the growth of bitcoin?
by
timerland
on 21/06/2019, 13:00:25 UTC
There are many hype around Facebook project and launching its shitcoin whereas there are some "experts" who do mean that Libra cause the bitcoin growth? How is that possible?

No. I highly doubt any correlation between a centralized project that FB has to offer, and something that is decentralized from day one in BTC.

Especially when you consider the fact that bitcoin dominance has actually been increasing over the past few months, instead of the normal trend of decreasing as we see a bull market emerge, further suggesting that people are moving towards investing into decentralization.

I simply hate it when people try to attribute BTC's price movements to completely uncorrelated institutional events, ranging from the stock market, to JPMorgan's own coin, and now FB's project. The biggest factor is still the cycles within the BTC network itself, as well as the fundamentals that shape demand, including the health and development of the network (LN), and institutional interest.