People Are More Willing to Invest in Bitcoin Than Libra

Not long ago, Facebook had agreed to pay more than $5 billion in fines to end US lawsuits against the company’s abuse of user data, and agreed to implement new privacy protections, including setting up a privacy committee independent of the board and appointing personal privacy regulatory officer. However, according to the latest research data from CivicScience in the United States, Libra’s trust is only 2% compared to Bitcoin. Although the sample of the survey questionnaire is not large enough, it is clear that once the crisis is formed, the cost of building trust will be surprisingly high. At the same time, it also revealed that the position of Bitcoin in the cryptocurrency industry will be difficult to be shaken in the future.

Recently, CivicScience’s survey of 1,799 Americans showed that people’s trust in Libra and its related Calibra wallet compared to Bitcoin and other cryptocurrencies and their corresponding wallets showed:

1% show they trust Libra more

1% show they trust Libra more than other cryptocurrencies

19% believe that all cryptocurrencies are the same

5% show they trust BTC far more than Libra

35% show they trust Libra “far less than other cryptocurrencies”

39% are unsure

The survey results show that 40% of respondents believe in Bitcoin more, and only 2% of respondents trust Libra.

People Are More Willing to Invest in Bitcoin Than Libra
Source: civicscience.com

Facebook has agreed to pay more than $5 billion in fines to end US lawsuits against the company’s abuse of user data, and CEO Mark Zuckerberg and privacy officials will be asked to prove Facebook’s privacy plan every quarter. Any false proof will expose them to civil and criminal penalties. At the same time, Facebook also paid $100 million to the SEC for misleading disclosures on misuse of user data. Since the scandal, Facebook has faced a wave of criticism from European and US regulators and politicians, allegedly not only abusing user data, but also allowing its platform to disseminate false information.

People’s trust in the platform collapsed, and the digital currency based on its release lacked the most basic reason for the survival of cryptocurrency. So even though Libra was hotly debated when it was born, it still would take too long to be accepted and recognized. After all, all investments and trading are based on trust.

The reason why people invest in Bitcoin is mainly based on their long-term value, independent of the government, fight against adverse economic conditions, and can be simple, fast and secure transactions. Therefore, although Bitcoin has been in an unstable floating state for a long time, the trust value of people has not decreased.

People Are More Willing to Invest in Bitcoin Than Libra
Source: coinmaketcap

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