Peter Schiff: Facebook’s Cryptocurrency ‘Libra’ is Bad News Fo | Beyond the Moon

Peter Schiff: Facebook’s Cryptocurrency ‘Libra’ is Bad News For Bitcoin

According to Peter Schiff, Facebook’s soon-to-be-launched cryptocurrency called Libra or GlobalCoin is bad news for Bitcoin, the top cryptocurrency by market capitalization. The CEO backed his statement by the fact that Libra will be targeting the same market Bitcoin is relying on for its massive adoption. Libra will also help the unbanked nations with high inflation. And the best part “according to him” is that Libra is a stable coin and “much easier and cheaper to use as a medium of exchange than Bitcoin.”

In the case of the latter, Schiff gave a real-life scenario where the stable and inexpensive price of Libra will attract more customers to a restaurant that is accepting the virtual asset. However, Bitcoin’s expensive price would mean eating an overpriced food that could make you “sick to your stomach” when you consider how much you’ve paid for it. Thus, it is only those that do not want to eat that will visit such restaurant.