Former Facebook Manager Turned Bitcoin Founder Shares Insights Into Libra


Bitcoin-Founder-Shares-Insights-Into-Libra.jpg" alt="Facebook CEO Mark Zuckerberg Testifies To House Financial Services Committee" data-height="2631" data-width="3947"></div><figcaption><fbs-accordion class="expandable" current="-1"><p class="color-body light-text">Facebook’s former product manager, Hunter Horsley, provided comments regarding Mark Zuckerberg’s <span class="plus" data-ga-track="caption expand">… [+]</span><span class="expanded-caption"> October 23 government hearing on libra. (Photo by Sha Hanting/China News Service/VCG via Getty Images)</span></p></fbs-accordion><small>VCG via Getty Images</small></figcaption></figure><p>Facebook CEO and cofounder Mark Zuckerberg sat in front of the United States House of Representatives Committee on Financial Services on October 23 for a much-anticipated hearing, taking on questions regarding his social media site and its plans for a cryptocurrency named libra. In reaction to the hearing, Facebook’s former product manager, Hunter Horsley, who now heads up crypto index fund Bitwise Asset Management, said he sees libra moving off U.S. soil. </p><p>“I do think &lsqb;l&rsqb;ibra will launch, but I think it will launch ex-US, in a jurisdiction like Switzerland or Singapore, and will not be widely available,” Bitwise cofounder and CEO Horsley said to me in an email. “I think it’s quite possible it will launch without Facebook’s involvement.”</p><p>After months of <a href="https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers" target="_blank" class="color-link">outside</a> rumblings noting that Facebook was planning for a digital asset, the social media company released an official white paper in June 2019 for the project, calling it libra. The global asset derives its value from a basket of multiple financial products and currencies, overseen by the Libra Association, a group of numerous companies including Spotify and Uber, <a href="https://www.cnbc.com/2019/10/14/facebook-forms-its-cryptocurrency-council-after-key-backers-drop-out.html" target="_blank" class="color-link">according</a> to CNBC. </p><p>Since Facebook released libra’s white paper, regulating bodies have covered the project in red tape, pointing out numerous concerns and complications. Notably, the Libra Association also recently suffered several <a href="https://www.forbes.com/sites/benjaminpirus/2019/10/15/facebook-libra-departures-timing-is-no-coincidence-forrester-says/" target="_blank" class="color-link">exits</a> from high profile companies such as PayPal, eBay, MasterCard and Visa. </p><p>Zuckerberg responded to a bevy of questions in his October 23 Senate hearing, speaking about libra and Facebook. “Facebook will not be part of launching the libra payments system anywhere in the world until U.S. regulators approve,” Zuckerberg said, as <a href="https://www.cnbc.com/2019/10/23/facebook-would-leave-libra-association-if-it-moves-forward-before-approval.html" target="_blank" class="color-link">reported</a> by CNBC. Facebook has stated its independence from libra and its association several times, although the social media entity is responsible for coming up with the concept of libra initially, CNBC also noted. </p><div class="vestpocket" vest-pocket></div><p><strong>2020 Libra Launch</strong></p><p>Facebook is working to get libra off the ground by the middle of next year, which Steven Mnuchina, U.S. Treasury Secretary, described as “premature,” Reuters <a href="https://www.reuters.com/article/facebook-cryptocurrency-treasury/u-s-treasury-secretary-mnuchin-calls-libras-2020-launch-premature-idUSL2N2770SI" target="_blank" class="color-link">reported</a>. </p><p>Prior to libra’s hearings in front of Congress in July 2019, Horsley <a href="https://www.bloomberg.com/news/videos/2019-07-09/facebook-s-libra-to-face-congress-video" target="_blank" class="color-link">told</a> Bloomberg that he did not expect libra to hit its 2020 launch goals. “I wouldn’t be surprised if we don’t see it as it’s currently architected in 2020,” Horsley said. The Bitwise CEO still has this perspective, he noted to me via email. </p><p><strong>Calibra Discussion</strong></p><p>The Zuckerberg hearing also <a href="https://www.forbes.com/sites/michaeldelcastillo/2019/10/23/analysis-of-facebook-ceo-mark-zuckerbergs-cryptocurrency-testimony-before-congressional-hearing/#78d7f34e28c5" target="_blank" class="color-link">discussed</a> Calibra, the digital wallet built for holding the libra asset, which is compatible with messaging apps such as WhatsApp, according to Calibra’s <a href="https://calibra.com/" target="_blank" class="color-link">website</a>. Additionally, “&lsqb;t&rsqb;he Calibra company is a subsidiary of Facebook, Inc. Calibra operates independently from Facebook,” its website states. </p><p>“We think Facebook will pivot&nbsp;Calibra<strong> </strong>&lsqb;…&rsqb;<strong> </strong>to using different coins,” Horsley said, naming bitcoin and stablecoin USDC as possible examples, “or even dollars to accomplish their goal of serving the unbanked.” Horsley added, “&lsqb;F&rsqb;or that reason, we think this is actually great news for crypto.”</p>”>

Facebook CEO and cofounder Mark Zuckerberg sat in front of the United States House of Representatives Committee on Financial Services on October 23 for a much-anticipated hearing, taking on questions regarding his social media site and its plans for a cryptocurrency named libra. In reaction to the hearing, Facebook’s former product manager, Hunter Horsley, who now heads up crypto index fund Bitwise Asset Management, said he sees libra moving off U.S. soil.

“I do think [l]ibra will launch, but I think it will launch ex-US, in a jurisdiction like Switzerland or Singapore, and will not be widely available,” Bitwise cofounder and CEO Horsley said to me in an email. “I think it’s quite possible it will launch without Facebook’s involvement.”

After months of outside rumblings noting that Facebook was planning for a digital asset, the social media company released an official white paper in June 2019 for the project, calling it libra. The global asset derives its value from a basket of multiple financial products and currencies, overseen by the Libra Association, a group of numerous companies including Spotify and Uber, according to CNBC.

Since Facebook released libra’s white paper, regulating bodies have covered the project in red tape, pointing out numerous concerns and complications. Notably, the Libra Association also recently suffered several exits from high profile companies such as PayPal, eBay, MasterCard and Visa.

Zuckerberg responded to a bevy of questions in his October 23 Senate hearing, speaking about libra and Facebook. “Facebook will not be part of launching the libra payments system anywhere in the world until U.S. regulators approve,” Zuckerberg said, as reported by CNBC. Facebook has stated its independence from libra and its association several times, although the social media entity is responsible for coming up with the concept of libra initially, CNBC also noted.

2020 Libra Launch

Facebook is working to get libra off the ground by the middle of next year, which Steven Mnuchina, U.S. Treasury Secretary, described as “premature,” Reuters reported.

Prior to libra’s hearings in front of Congress in July 2019, Horsley told Bloomberg that he did not expect libra to hit its 2020 launch goals. “I wouldn’t be surprised if we don’t see it as it’s currently architected in 2020,” Horsley said. The Bitwise CEO still has this perspective, he noted to me via email.

Calibra Discussion

The Zuckerberg hearing also discussed Calibra, the digital wallet built for holding the libra asset, which is compatible with messaging apps such as WhatsApp, according to Calibra’s website. Additionally, “[t]he Calibra company is a subsidiary of Facebook, Inc. Calibra operates independently from Facebook,” its website states.

“We think Facebook will pivot Calibra […] to using different coins,” Horsley said, naming bitcoin and stablecoin USDC as possible examples, “or even dollars to accomplish their goal of serving the unbanked.” Horsley added, “[F]or that reason, we think this is actually great news for crypto.”



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