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Cyber Bitcoin reported that Bitwise, a US-based asset management company, believes that Facebook's Libra blockchain payment program has accelerated the development of the cryptocurrency industry “before three years” and has long been bullish on the market.

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In a letter from Bitwise to investors on August 1, it was noted that despite the Fidelity investment in the financial world, the New York Stock Exchange (NYSE) and the large securities firm TD Ameritrade, Facebook in the tech world, Samsung, Square, and HTC It has already appeared in the industry, but it is not as important as the progress in July this year.

Bitwise wrote:

Thanks to Facebook's Libra and the US Congress, we just turned the future of cryptocurrency for two to three years, accelerating all the conversations, debates and discussions of the mainstream.

The most important month

The company stressed that July is a milestone in the development of the cryptocurrency industry, and it is very positive for the long-term development of the industry, which is a powerful effect triggered by Facebook Libra:

"In the past month alone, the US Congress has held two consecutive days of cryptocurrency hearings in the House of Representatives and the Senate. Another hearing was held this week. The US Treasury Secretary held an emergency press conference to discuss cryptocurrency regulation. The status quo; The Wall Street Journal published an article on cryptocurrency on the front page.

The International Monetary Fund published a 20-page white paper saying that digital currency is the future of the currency; the US Securities and Exchange Commission (SEC) approved the first Reg A + exempted securities token issue, creating a new start The currency issuance (ICO) market approach; CNBC and other financial news networks have also significantly increased their cryptocurrency reporting. "

Bitwise further pointed out that in the past month, the development of Libra and the successive congressional cryptocurrency hearings have "let people realize that they can no longer ignore cryptocurrencies."

Although not all discussions are positive, as Facebook itself admits, Libra is not guaranteed to issue under regulatory pressure, and the ongoing discussions may trigger stricter controls on cryptocurrencies by national regulators, but the company believes This has long been conducive to market development.

It said: "Even this review and attention will be beneficial to the cryptocurrency market for a long time. It will give investors the assurance of the regulator and clarify the guidelines for the cryptocurrency to mature."

Value and discussion

But most importantly, people began to understand and discuss the matter. Bitwise held a luncheon for financial advisors every month in cities across the United States. People's enthusiasm for cryptocurrencies has changed a lot. Bitwise wrote: National (United States), people are more interested, more active, and more eager to learn than ever before."

The company believes that the cryptocurrency market will be more mature towards a mature and orderly development, summing up:

The government's spotlight is at a very good time. This spotlight focus is no longer a bad behavior in the market, as some people expect, but an increasingly professional, regulated, orderly and trustworthy industry.

Bitwise is currently applying for a Bitcoin ETF to the US Securities and Exchange Commission (SEC), and the SEC has not yet decided whether to apply. In addition, the company submitted a report to the SEC stating that 95% of the exchanges in the bitcoin market are trading volume. It was forged and caused extensive discussion.


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