Remember Facebook Libra?

In June, Facebook announced its own cryptocurrency named Libra, with member companies such as Paypal, Vodafone, Stripe, eBay, Visa, Uber, Spotify, and many more. 

Let's look back at what happened after the announcement:

  • June: https://libra.org was published.

  • July: US Congress asks Facebook to pause development for further investigation.

  • During a two-day Congressional hearing, we had our laughs when we heard Rep. Warren Davidson implied that Libra is a shitcoin (yes, he actually said "shitcoin"). 

  • August: Several backers of Facebook's Libra cryptocurrency project are said to be considering backing out due to growing pressure from regulators.

  • September: France and Germany agree to block Facebook's Libra, calling it a threat to a stable EU economy.

  • IBM says it's open to working with Facebook on Libra crypto.

  • October: PayPal is on the verge of quitting Facebook's Libra project after having pulled out of a critical meeting in Washington.

In September, Zuckerberg has refused to commit to the planned 2020 launch for the Libra cryptocurrency project, so we're not sure when/if Libra will be fully launched.

Facebook is following the "don't ask for permission, ask for forgiveness" rule, and it will be fascinating to see how this plays out.

Either way, I do believe we'll see companies such as Amazon, Apple, and others coming out with their own cryptocurrencies(/ish) in the next five years. 

- Edgar