Ohio Congressman on Facebook Adopting Bitcoin and Giving Up Libra
Ohio Congressman Warren Davidson has stated that Facebook would be better off abandoning its Libra project in lieu of Bitcoin adoption.
Author:Habiba AshtonReviewer:Frazer PughFeb 18, 2021321.3K Shares4.7M Views
Ohio Congressman Warren Davidson said that in favor of Bitcoin adoption, Facebook would be better off dropping its Libra project. As reasons for choosing Bitcoin, the more centralized technology, over Libra, a private and commercial company, Davidson has cited centralization and the fear of monopoly.
Davidson Hard On Libra
The Ohio Congressman was never a fan, even going so far as to term it a 'shitcoin' of the Libra project. He is one of a handful of congressmen who tend to be actively involved in Bitcoin and other forms of digital finance, also promoting technology in 2013, when it was much less prevalent.
It was the rise of the Bitcoin price to $19,856 in December 2017 that propelled cryptocurrencies into the limelight. Currently, the Bitcoin price is hovering at the $8,600 mark.
The centralized features of Libra, according to Davidson, indicate that it should be categorized as protection and face strict regulation. Indeed, it would mean the coming together of a group of huge corporations to handle the Libra product, a coming together that would signify mass centralization.
He also highlighted a number of ways that the price could be manipulated, such as adding a weaker currency to Libra’s currency holdings. There is no reason for Facebook to create Libra – it would be much easier to integrate BTC and take a tiny micro-fee for transactions. That’s much safer, from a democratic perspective.
Libra Fears – BTC A Better Choice
In terms of content monitoring, Facebook already has a poor track record, with Cambridge Analytica among the new era's greatest data controversies. For the Ohio Congressman, the ability to track all user data in conjunction with the ability to manipulate financial transactions is too much of a risk.
And in his critique, he is not alone, as many are afraid of the consequences of launching Libra on Facebook. "Previously, John McAfee referred to Libra as a "grotesque cryptocurrency distortion".
Libra would constitute a form of monopoly and centralization that was meant to replace Bitcoin. In addition, Bitcoin is solely decentralized. It is not possible to corrupt BTC's underlying technology, only the Bitcoin price on the paper can.
Mark Zuckerberg, CEO of Facebook, has confirmed that Libra would be the solution to the failing financial system. He also reported that it is close to launching the Chinese cryptocurrency and that the US has no choice but to allow Libra to compete with it. Either way, world finance's future is digital.
Habiba Ashton
Author
Habiba Ashton, an esteemed professional in Digital Marketing and Business, brings over 10 years of experience to the table. She holds a Master's degree in Marketing Management from Stanford University and is a certified Digital Marketing strategist.
Habiba has authored numerous articles on SEO, Social Media Marketing, and Branding, published across reputable platforms.
Her impactful projects have consistently driven growth and visibility for businesses, earning her accolades from clients and industry peers alike. One notable achievement includes leading a digital marketing campaign that resulted in a 30% increase in online sales for a major retail client.
Looking ahead, Habiba is committed to pioneering ethical digital marketing practices that prioritize customer trust and engagement. Her vision is to lead initiatives that foster a transparent and sustainable digital ecosystem for businesses and consumers alike.
In her free time, she enjoys cycling, stargazing, and staying updated on digital entertainment trends.
Frazer Pugh
Reviewer
Frazer Pugh is a distinguished expert in finance and business, boasting over 6 years of experience. Holding an MBA in Finance from Stanford University, Frazer's credentials underscore his authority and expertise in the field.
With a successful track record in executive roles and as a published author of influential articles on financial strategy, his insights are both deep and practical.
Beyond his professional life, Frazer is an avid traveler and culinary enthusiast, drawing inspiration from diverse cultures and cuisines.
His commitment in delivering trustworthy analysis and actionable advice reflects his dedication to shaping the world of finance and business, making a significant impact through his work.
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