Since Facebook announced its impending launch of new Cryptocurrency Libra on June 18, 2019, it has received nothing short of staunch criticism, skepticism, and aggressive congressional regulations tailored to halt its efforts. One can argue that Perhaps Facebook anticipated such response from the oppositions as it has thus far dealt with the oppositions accordingly .
It dose not appear that facebook will be deterred by its tenacious and notorious oppositions. Coupled with its non acquiescing spirit and the backing of the Libra Association consisting of diverse businesses, nonprofit and multilateral organizations, academic institutions, and Facebook’s subsidiary Calibra, Libra, is to say the least, poised to have a great impact on the way money for goods or currency is exchanges between parties. If Libra succeeds in launching its currency in 2020, it will create tremendous value and perhaps for some users, it will replace the traditional banking system. Moreover, Libra has already proven to be potentially more valuable than its counterparts with the exception of Bitcoin, whose value has risen steadily since the announcement of Libra, the rise is expected to continue as Libra grows in popularity and closer to launch.
If Facebook survives the constant onslaught of naysayers and congressional regulations fashioned to halt the production, it will however, still have a steep hill to climb. A steep hill that emanates from its own making and that of its 2.3 billion monthly users. In other words, Facebook Libra biggest oppositions is itself and its users. Facebook mass appeal has always been based on its ability to capitalize on users short attention span and need for instant information. Hence, It will not only have to once more cater to this need, it will have to exceed this proverbial “innovation benchmark” that it has created for itself by making the process incredibly seamless, gratifying, and instantaneous.