Joe Weisenthal of Bloomberg Claims Facebook’s Libra Coin Is Not a Real Crypto

It is no secret that Facebook has revealed the whitepaper for its Libra coin which presented it as “a low-volatility crypto, backed by Libra Blockchain as a decentralized, database”. But a critical look at Libra’s whitepaper shows that the coin isn’t really a crypto project or stablecoin. At least that’s what Joe Weisenthal, an editor with Bloomberg thinks.

According to Weisenthal, the problem here is the fact that once the traditional financial institutions get involved, there will be regulatory problems when it comes to who can acquire the coin and use it.

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.290796
-7.41%

The Libra Blockchain Won’t Be Regulated

To back his point, Weisenthal gives an example of how drug dealers or money launderers could buy the Libra and use it to hide funds money from the authorities.

According to the Bloomberg editor, regulators do not want that. Hence, developers building on Libra Blockchain has to comply with existing laws and regulations. Although, Libra Blockchain will not be regulated.

The issue, notes Weisenthal is that after applying traditional regulations to coins that are backed by funds in the bank, the crypto will seem like fiat.

Members of the crypto community debate whether the coin would affect popular cryptos. The XRP community is one of such and several analysts have said all coins can coexist peacefully. Can XRP compete with Libra coin?

XRP Left the Bears Behind

XRP is currently leaving the bears behind. It is on course to break resistance levels. The coin has been on fire in the past 24 hours of trade.

A few days back, XRP price experienced price stagnation. The shortage of growth was attributed to Binance’s decision to cut off United States traders to conduct trade on its exchange.

However, this decision by Binance exchange hasn’t been implemented, but it obviously left a negative impact on cryptocurrencies, causing their value to drop or suffer stagnation. Bitcoin was the only gainer at the time Binance’s report came to light. The leading coin experienced a significant surge in price right in the middle of the debacle.

XRP started to gain strength to push ahead in bullish territory. Apart from Bitcoin SV (which recently underwent a parabolic price movement among the top cryptos) XRP is the second-best performer in the last few days.

As of press time according to CoinMarketCap, XRP price was trading at $0.43. The coin has seen a 3.45% surge in the past 24 hour. However, the length of time that XRP would need to hold its new pattern and ensure steady growth remains to be seen. However, there’s still a glimmer of but hope for the cryptocurrency.

What Are the Chances of XRP Extending its Bullish Action?

Since the extended bear market of 2018, XRP price has struggled to stay on top the table to draw in more investors to its corner. Now, after a market resurgence since April this year that began with Bitcoin, XRP has joined the bullish side as well as others. What are the chances of XRP extending this action?

For the price of XRP to surge following the growth pattern of Bitcoin in recent weeks, it shows that this may actually be the beginning of better days for the cryptocurrency. However, if XRP price can leverage BTC’s sovereignty and replicate its growth pattern more consistently, it would be a welcomed development because both tokens would grossly benefit from such an action.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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