Survey Says Facebook’s Stable Coin Libra Won’t Stay Mainstream

Survey Says Facebooks’ Stable Coin Libra Won’t Stay Mainstream

Financial services firm Jefferies’ latest survey signifies that American customers will hardly use Facebook’s forthcoming stable coin Libra on account of a lack of trust, The Block reported on July 1

In the survey, which included over 600 respondents, four in five people reportedly chose “Unlikely” or “Very unlikely” when requested whether or not they would purchase Libra. 45% of the respondents defined their unwillingness to buy the coin as a consequence of a scarcity of trust in Facebook, except the corporate has no entry to their transaction data.

Practically 40% of these surveyed reportedly pointed out that they already have a mobile payment wallet, which precludes the necessity to use Libra’s related digital wallet Calibra. “Effectively, without substantial network results, we don’t expect Libra to switch existing forms of cashless payments — at the least not within the near term,” the report new reads.

Of these respondents who expressed interest in using Libra, 12% reportedly stated that they might spend the coin on items or services, 14% would send money to their family and friends, and 15% would speed Libra on each option.

This week, Ryan Waldoch, writer of a report from equity research platform Looking for Alpha, elaborated that “I believe that Libra will permit customers to be extra inclined to make use of bitcoin as a peer-to-peer cost system while the uncertainties of the global markets are having investors flock into bitcoin as a store of value.”

Teck Chia, the associate at Binance Labs, said that he sees Facebook’s Libra Project at a step ahead for growing public awareness of crypto. “I believe having a company like Facebook, with such great attain and distribution, into all completely different nations around the world – having them be enthusiastic about cryptocurrency and launching one is a very optimistic factor for our industry,” Chia acknowledged.