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Posted by AGORACOM-JC at 10:24 AM on Thursday, October 31st, 2019

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Bitcoin And Crypto Is Heading For An Epic Social Media Showdown

By: Billy Bambrough

In one corner: Twitter’s cofounder and chief executive Jack Dorsey. In the other corner: Facebook’s cofounder and chief executive Mark Zuckerberg. The fight’s prize is the future of money and their respective weapons are bitcoin and libra.

Who will win?

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While the social media monetary situation is not this clear cut, both Dorsey and Zuckerberg have emerged as champions of two similar but opposing ideas; the internet needs its own currency, one sees it as centralised, through Facebook, the other sees it as decentralised, through bitcoin.

Zuckerberg appears to have lost the first round. His libra project, a cryptocurrency by name only and governed by an independent-but-shrinking group of companies, has run afoul of governments and regulators around the world, many of which were already worried Facebook wielded too much influence before the social media giant thought to take on the central bankers.

“I believe that this is something that needs to get built,” Zuckerberg told U.S. senators last week, defending Facebook’s involvement in the controversial libra project and arguing libra could bring financial maturity to millions, if not billions, of people around the world.

Zuckerberg also warned the U.S. could fall behind other countries if lawmakers moved to block the development of libra and similar digital money projects.

Dorsey will, meanwhile, be counting his blessings, with the bitcoin price staging a somewhat miraculous recovery last week after many feared it was heading to lows not seen since March.


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