Survey Says Facebook’s 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.