Bitwise: Libra project accelerated the development of the cryptocurrency industry for 3 years

Bitwise, a company that monitors the cryptocurrency market, said that Facebook Libra has stepped up the development of the cryptocurrency industry by two or three years. Such information is contained in a letter to investors, published on the company’s official website on August 1.

In this letter, Bitwise’s head of research, Matt Hougan, shared his conclusions:

“Thanks to Libra from Facebook and Congress, we have just moved two or three years ahead, cryptocurrency to the future, forcing all conversations, debates and main discussions.”

The company claims that, as a result of the development of Libra and hearings about cryptocurrency in Congress, “people understand that they can no longer ignore cryptocurrency.” Nevertheless, Bitwise recognizes that not all the attention paid to cryptocurrencies can be positive and that the focus of regulators on digital money can have negative consequences in the future.

The company also noted that it expects regulatory changes in the direction of tightening in such areas of the cryptocurrency market as ICO and unregulated exchanges - after all, the government is now paying more attention to cryptocurrencies.

But even this control will have a positive impact on the industry in the long term. This will give investors confidence that regulators are involved in the process and clarify the guidelines by which a mature version of the cryptocurrency industry can be formed.

In the past month and a half, US lawmakers have been discussing the sensational Libra cryptocurrency project, paying attention to other cryptocurrencies. The other day, American senators came to understand that the US will not be able to ban Bitcoin. The chairman of the Senate Banking Committee, Mike Krapo, came to this conclusion, justifying it by saying that Bitcoin is a global innovation.

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