When it comes to cryptocurrencies like bitcoin and Facebook’s Libra, it seems that the most Twitter messages surrounding the two entities come from users in both the United States and the United Kingdom.
Bitcoin and Libra Should See More Activity Elsewhere
This is both shocking and easy to believe at the same time. On the one hand, it’s a little surprising that most tweets surrounding these currencies aren’t coming from countries like Japan or South Korea. At one time, South Korea accounted for roughly one-quarter of the world’s cryptocurrency transactions, and while the nation has taken steps to ban initial coin offerings (ICOs) and other maneuvers that can be considered hazardous to both crypto and its investors, the country still holds a powerful position in the crypto and blockchain spaces.
Japan is also very high when it comes to regulation, and hosts what appears to be an endless array of crypto-based exchanges and startups.
In addition, what about Switzerland? Why are there not more messages coming from this region? The country, after all, is home to Crypto Valley – a region in the village of Zug that plays host to more crypto and blockchain-based startups and businesses than anywhere else in the world. There are also areas like Malta, which now serve as the headquarters to many cryptocurrency exchanges, such as Binance, that once made their homes in Asia, specifically China, and ran to escape the allegedly innovation-crushing regulation there that has since reared its ugly head.
Then again, the United States and the United Kingdom seem to be making the biggest stands either against or for these and other forms of cryptocurrencies as of late. When it comes to Libra, for example, many members of the U.S. Congress have requested that Facebook place an indefinite hold on its plans to develop Libra so that all the questions surrounding its properties and prospects can be answered.
Two Countries Making the Biggest Stands
Congress wants to ensure that Facebook’s heart is in the right place when it comes to Libra. The company has been weighed down by several scandals over the past few years, especially the Cambridge Analytica scandal, which saw Facebook reportedly selling users’ private data to third parties for advertising purposes. Head executive Mark Zuckerberg was grilled on national television by several members of Congress for not taking a stronger stance against users’ privacy being invaded.
The U.K. has also announced plans to potentially ban all crypto-related investment products from here on out, calling cryptocurrency an “unsuitable investment” when compared to traditional options like stocks and bonds. The U.K. is largely worried about the volatility and the price swings that come with digital assets like bitcoin and are concerned that too many investors stand to lose all their money. Thus, the FCA has announced that it’s now looking to implement the ban for the protection of future traders.