Many experts and analysts have lamented the fact that all that cryptocurrencies have still not gone mainstream. Even though we have influential people, with great resources operating in the ecosystem, Bitcoin or other Altcoins have still not been able to make a true connection with the masses.
One reason that people often refer to is the fact that Bitcoin and other crypto should have been built as a base of other mainstream tech products. This is what the subject matter of this article is.
When Jack Dorsey, CEO and Founder of Twitter and Mark Zuckerberg, CEO and Founder of Facebook, WhatsApp and Instagram show interest in crypto technology, it means that we are closer than we think to a workable mainstream solution.
Jack Dorsey and his take on Cryptocurrencies like Bitcoin
It is no secret that the CEO and Founder of Twitter and Square, Jack Dorsey is a self-professed fan of cryptocurrencies. The enigmatic founder of Twitter has been vocal of his admiration for Satoshi Nakamoto’s (creator of Bitcoin) White Paper. In an interview, he referred to the same as ‘poetry’.
One of the major reasons Jack Dorsey supports crypto is because of its organic status. He says that Bitcoin and crypto is something, which was created on the internet. It operates on the internet and continues to grow organically on the internet.
The freedom of doing complex transactions and involving no intermediaries in the process has made him respect the foundations of cryptocurrencies. In the same interview, he also spoke briefly about the key principles that underlie the foundations of Bitcoin. In other words, he acknowledged the fact that Bitcoin was born in the backdrop of a serious financial crisis.
Facebook Founder Mark Zuckerberg’s new Venture Libra
If Jack Dorsey has gone on record to make his admiration public, Mark Zuckerberg has gone probably a hundred steps forward. Libra, Facebook’s and Zuckerberg’s brainchild is a new form of digital currency, which seeks to include more than two billion of the world’s unbanked population into a formal financial system.
While there are differences whether Libra is similar or different from cryptocurrencies like Bitcoin, there is agreement that Libra is going to see the light of the day. Libra’s White Paper shows how Zuckerberg plans to create a decentralized, yet centralised controlling body called the Libra Association.
What is most surprising is the fact that the Facebook is going to play a role like any of the other members of the Libra Association. Facebook and Zuckerberg have tied up with some of the most influential and resource friendly people and organizations in the ecosystem.
On a different note, it is speculated that the Chinese government’s new take on their own digital currency has been heavily influenced by Zuckerberg’s Libra model. In a recent announcement. Facebook named Stuart Levy, formerly the Chief Legal Officer of HSBC as its first CEO.
Is the Future of Cryptocurrencies safe?
Many purists in the crypto world argue that Libra and China’s new digital currency is a watered down model of Satoshi Nakamoto’s original White Paper. Supporters argue that it is only models, which can be regulated or controlled by an external entity, will become truly mainstream.
Can we take what is possible at the moment and run with it is a thought that people who are favourably disposed towards crypto are wondering. In the meanwhile, the real OG- Bitcoin is experiencing one of its strongest Bull Runs ever. With the halving expected to take place in May 2020, investors are thronging trading platforms and exchanges to earn their fair share of profits from Bitcoin. If you too want to engage with Bitcoin trading, you should check out the wealth matrix app.