26 Jul Why Libra is a game-changer for Facebook
To many, Facebook is just another social media site they log into to keep in touch with family and friends. It’s easy to navigate, pretty much everyone uses it, it’s free, and readily accessible across the globe. Many investors have assumed exactly the same thing. A nice little website to use, but is it really a company capable of generating the cash of an Apple or an Amazon?
It’s an easy one to underestimate. But make no mistake, the company is a formidable force with the power to be one of the few to take over the world. We were afforded a sneaky little glimpse into Facebook’s plans for total global domination just last month when the company released its Libra White Paper – a simple manifesto describing their plans to sink the big banks and cryptocurrencies – or as they put it, to “enable a simple global currency and financial infrastructure that empowers billions of people”.
It’s a grand plan to be sure. When first reading the headlines the paper created I was instantly sceptical. Who on earth is going to trust Facebook, the company who just last year was busted for selling our personal information to private companies for financial gain, to handle our hard-earned money for us?
But the headlines were misleading, as were many of the articles that didn’t bother to read the actual document. On further investigation, it was revealed that the plan is a smart one, and Facebook know exactly what the pitfalls are and how they’re going to get around them. But we’ll get to that later.
“They’re not doing it out of the goodness of their own hearts.”