David Marcus, the head of Facebook's cryptocurrency Libra twitted,
Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.
The former president of Paypal stressed that Libra is a better digital cash and payment system, while bitcoin is a long-term investment vehicle.
https://www.ccn.com/crypto/facebook-cryptocurrency-chief-libra-no-threat-to-bitcoin/2019/06/20/This may be true in the short-term, but in the long-term, I have a hard time believing that if Facebook with the Libra coin has their way. With 1.5 Billion folk on Facebook,
once settled in as a fast crypto payment system, that they will not go after bitcoin and try to 'usurp' as a store of value coin. If they get established the simple fact of
adding staking to Libra coin and/or just traditional interest payments like banking for HODL'ing Libra, or other avenues. They will figure out 'something' and claim there
centralized Libra coin is the future of crypto. I'm positive about this scenario.
Again, this may be 'unlikely' to work, but they will once they have established, and solidified, their Libra coin and infrasture, and make a play on such, count on it.
Less is never enough to a mega-corporation, it is how they roll. Hell, before my view of above ever happens they will try to destroy (or merge with) PayPal, western union and
or Bitpay! Hell, they could be (even if what the Facebook currency chief says above is true, not threat to bitcoin) the online bank or online banks! Again, with 1.5 billion world
wide users, you just know the third world folk with 'shakey' countries and currencies are gonna jump all over this Libra coin. Anyway, I make my case, that this is just the first
shot at Bitcoin, they will go after it, successful or not somewhere down the road by some means, Libra will take a shot at replacing Bitcoin.
Again, it is how Facebook rolls. IMHO. We will see if I am correct (I hope not) or I'm incorrect (I hope so).
Brad