Despite seemingly good intentions, Facebook’s Libra crypto venture has been a polarizing subject. Both in the blockchain community and on the world stage, many have come to either love or hate the proposed digital asset, which is intended to reduce friction in financial services.
Most representatives of governments have taken a wary approach, claiming that Libra may usurp traditional hegemonies. But, one so-called “Trump confidant”, Stephen Moore, an economist, is bullish on the cryptocurrency project. Speaking to Yahoo Finance on Monday morning, Moore, a fellow at The Heritage Foundation, explained that after “studying up on cryptocurrencies”, he has realized that a world where digital assets are heavily utilized “is coming”.
Thus, he notes that Facebook’s latest foray into fintech may be a “good thing”, citing the “balance” on the project. He added that this new project represents a challenge to traditional finance and regulators as a result of its disrupting potential. While he didn’t expound on his points any further, he could be referring to the fact that Libra should push traditional institutions to compete, creating a better environment for consumers at large. He isn’t the only Libra bull, so to speak, near and dear to the United States government.