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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.
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.
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.