By many measures, Tuesday was the biggest day for Bitcoin (BTC) and crypto ever. As some quipped on what is affectionately known as “Crypto Twitter”, yesterday was a “turning point” for the entire industry. If you’ve been living under a rock, here’s a recap.
During the wee hours of Tuesday morning, Facebook, making good on months of rumors and speculation, unveiled Libra, the world’s first Silicon Valley-backed cryptocurrency. True to leaks published over recent months, the project was revealed to be a stablecoin, backed by a basket of assets that includes but isn’t limited to the United States Dollar.
What was also confirmed was that Libra, which quickly occupied the headlines of every mainstream media outlet — from Bloomberg to the New York Times — was backed by corporate giants Visa, Mastercard, Booking Holdings (Booking .com, Kayak, etc.), Uber, Spotify, Coinbase, and notable venture capitalists.