People Do Not Like Facebook’s New Cryptocurrency

By Adrian Cruce

There have been many surveys done that showed the fact that most UK and US adults do not care about the new Facebook “cryptocurrency”. These surveys suggest the fact that people simply do not care about Libra. They also showed that people are skeptical due to the recent scandals that involved the social media company in recent history.

There are people in the cryptocurrency industry that lauded the entry of Facebook into the market as a boom for digital assets like Bitcoin. However, if we take a look at the surveys, by the planned 2020 Libra launch date, people will not really appreciate the digital asset.

The latest survey was launched done by Viber. As reported through NeoWin, 1,000 users from the US and the UK were asked questions regarding Libra. It is possible that the report is biased though since Viber is a rival to WhatsApp.

When looking at the questions, it was highlighted that just 3% of people in the US would use Libra while just 49% trust the social network. From the UK respondents, just 1.4% would consider Libra.

While it is easy to think that a competitor of Facebook would want to bash Libra, the result of this survey is not unique. CivicScience also showed that people in the US do not care about Libra.

With CivicScience, 1,799 US adults were questioned. The result showed that 86% of the respondents did not care at all in the new cryptocurrency. 10% are unsure.

When talking about company trust, 77% of the respondents do not trust Facebook period due to the recent protection issues. The scandals like Cambridge Analytical are still in the memory of people asked.

It is quite obvious to say that initial survey results are bad. However, we do not know how Libra would be accepted in the developing nations, where it would definitely be more useful.

Facebook declared the fact that the transformative effect of the cryptocurrency is going to be mostly felt in the nations with problematic traditional banking infrastructure.