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Libra, Facebook’s questioning by Congress a big distraction for Bitcoin ecosystem

Arijit Sarkar

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Source: Pixabay

As Bitcoin surged amid questions of its bearish movement, many in the industry turned to crypto-analysts to explain the reason behind the king coin’s unpredicatble volatility. Jon Najarian, Chicago Bears’ linebacker turned Options trader, interviewed Bitcoin advocate Charlie Shrem for his opinion on the same.

Shrem highlighted how the general public had moved from a bearish to a bullish notion within a few weeks. He attributed this finding to China’s recent involvement in cryptocurrencyies, which may have caused an influx of buyers in the bearish market.

Addressing Facebook’s Libra project, Shrem spoke of how the government’s focus on Libra and Mark Zuckerberg can serve as a “big distraction” for the Bitcoin ecosystem. He added that the way Congress questioned Zuckerberg about the Libra Association “shows clear misunderstanding” as both companies intend to function independent of each other. He said,

“This was a referendum on who do we (the citizens) trust more to manage our currency. Do we trust big companies like Facebook or the government? This scared a lot of the Congressmen and Senators.”

When asked about his take on Bitcoin’s price, Shrem gave no specific value. However, the entrepreneur did say that many investors are bullish on the king coin. Reiterating the famous saying in the crypto-ecosystem, Shrem reminded the viewers that “it’s never a bad time to buy Bitcoin.”

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Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem