Wealth Articles


Jul 16, 2019 | Wealth Articles

Mark Zuckerberg just gave the cryptocurrency industry the ultimate middle finger. This guy has gone from hoodie-wearing millennial social media maven to perceived security threat within the span of just a few weeks. Governments are responding to the Libra Project with sheer panic – the Facebook founder is creating, in essence, his own monetary system. Unlike Bitcoin, his network presence is already enormous.
Federal Reserve Chairman Jerome Powell, the ultimate champion of money printing and dollar devaluation in action, has basically declared war on the Libra Coin and the anti-government-intervention uprising it represents. Pulling out every excuse in the book, Powell opposed the Libra launch due to apparent concerns over money laundering, financial stability, data protection, and consumer privacy.
Congress will have the final word on this – of course, on one hand they don’t want to curtail innovation, but on the other hand, they must assess this thoroughly. Facebook is doing what Uber did with unregulated ride-sharing, which is to rush through the door first and answer questions later.
Powell’s complete freak-out also cited apparent concern over the size of Facebook’s user base, which comprises over 2.3 billion people. Only 4% of the world’s population circulate dollars (330 million Americans), while the rest is used by governments and institutions. Facebook is a retail giant, with 2.4B individuals across our planet.
Central banks around the world see blockchain technology adoption, in the niche of corporate currencies, as a real and serious threat to the role of government. Jerome Powell insists that Libra cannot go forward without at least 18-24 months of homework by various committees because he knows deep down that it has the potential to replace the Fed as a rival independent monetary system, complete with its own policies, adequate capital reserves, and a dedicated following of young consumers.

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Meanwhile, ranking Senate Banking Committee member Sherrod Brown, in his own bid to become the New Fiscal Sheriff in Town, is frothing at the mouth when he declared that Facebook has failed to provide answers about Libra and that he’ll be calling on his financial watchdogs to scrutinize Libra closely.
David Marcus, Facebook’s blockchain project lead, will be required to provide testimony for the Senate Banking Committee on July 16 and for the House Financial Services Committee the following day. This all proves that Bitcoin is valuable for many; the lack of centralization is such a shockingly good idea!
President Trump, who isn’t on the same page as Powell when it comes to monetary policy, has kept quiet about cryptocurrency in general, but is now backing the FED Chair 100% in his anti-Libra stance. His concerns (money laundering, financial stability, etc.) echo Powell’s, though Trump isn’t as measured in his words as the Fed Chairman – he likes shooting from the hip.

Courtesy: @realDonaldTrump

Trump continues this tweet with declarations that the Libra Coin will have little standing or dependability, and that the U.S. dollar is the country’s only real currency. He also claimed that Facebook will have to deal with regulations if it wants to become a bank – clearly he sees the writing on the wall and fears the imminent threat of competition that could topple both the dollar and the federal banking cartel.

Even more extreme is the People’s Bank of China, which is responding to the Libra threat by developing its own digital currency. The Chinese believe that Libra would exert influence on fiscal policy and the international monetary system.

Zuckerberg won’t admit it publicly, but the real purpose of the Libra Project is to influence politics, not just to make a bloody fortune. China’s hard-line stance against Bitcoin trading hasn’t prevented its adoption and, in my view, its attempt to develop a rival digital currency cannot stem the rising tide of the blockchain revolution that’s already in progress.

Governments can call Libra a destabilizing economic force, an avenue for criminal activity, or even a threat to national security, but mark my words: you will hear more of this in the coming months as the powers that be use up all their verbal and regulatory ammo – these are all the signs we need that Facebook’s Libra is, in fact, the real deal.

Best Regards,

Brad Robbins
President, PureBlockchainWealth.com

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Legal Notice:
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.Please read our full disclaimer at PureBlockchainWealth.com/disclaimer

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