The future will be of digital currency and there is no doubt about that. Bitcoin is already popular while Libra will soon become once its properly launched. Former IMF Chief Economist Raghuram Rajan considers that Bitcoin and Libra will prove to be the game changers in the financial sector once central banks become involved.
Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook, Inc. The currency and network do not yet exist, and only rudimentary experimental code has been released but its hype has never been less. In an interview with Beyond the Valley with Arjun Kharpal, Rajan comments that Bitcoin and Libra both are crucial to the financial systems as both have different functions.
He says that once the central banks hop onto the bandwagon of digital currencies, there is no going back. Both Libra and Facebook are equally important as Bitcoin will be used for storing assets while Libra will act as a tool for transactions.
Bitcoin over Gold
The former governor of the Reserve Bank of India prefers Bitcoin over gold but also thinks that Bitcoin’s value is based on our supposition. He comments that gold has a solid value because we value it for jewelry but even though Bitcoin is like gold, its value is still based on other people’s assumption.
Meanwhile, Rajan also believes that Libra may serve a bigger role in the eyes of central banks as its main role is transacting rather than storing. It would not increase in value as it is not an asset but its main value would be derived from the central banks as they are going to be in charge of its value. Central banks would have full control over what Libra can be exchanged into.
5+ Best Crypto Futures Trading Platforms | Bitcoin Derivatives
Ripple Files Petition Requesting Discover of Relevant Info from Binance’s Subsidiary
Analyst Predicts Big Bull Run as Tether Whales Move 374,000,000 in Crypto
Will Cryptocurrencies Bounce Back?
BTC falls below $40k as Saudi Aramco Publishes a Statement on Bitcoin Mining
Recent Press Release
How Blockchain Technology Will Shape the Future of Online Gambling?
Cryptocurrency uses blockchain technology, and this tech ensures the security and anonymity of financial transactions. Many industries have embraced blockchain,...
Cryptos like ETH/USD, BTC/USD dancing to the tune of tweets by Tesla CEO Musk in absence of any Crypto trading regulator:
In February of 2021, Elon Musk tweeted that he found the prospect of holding Bitcoin ‘adventurous’ for an S&P 500...
Earning By Mining, Is a Klondike Of The 21st Century. Mining-Tron.Com
Mining-Tron.com is a company that started its history in 2018 in the cryptocurrency mining market. According to the zephyrnet.com, in...
You May Not Have Known These Bitcoin Facts
However, even though Bitcoin is the most well-known cryptocurrency network globally, there are several aspects of it that you may...
DeFi Coin (DEFC): Live Trading on BitMart is Coming on July 19th!
Decentralized finance is playing an increasingly important role in the crypto world. It is all the less surprising that DeFi...