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Despite its reputation as a stablecoin, one of the more reliable cryptocurrencies in terms of volatility, 2% of Americans trust Facebook’s upcoming crypto-asset more than they would Bitcoin, reports CoinTelegraph.
A Lack of Reliability
This news comes to us from CivicScience, a polling company based in the United States. The group pulled from 1,799 American participants with the goal of finding a general consensus on Libra. Results came out on July 22nd. From these, it was found that 40% of respondents trust Libra less than Ethereum, Ripple, and Bitcoin. 35% claimed they trust Libra much less than Bitcoin itself.
A resounding 39% weren’t sure, and 5% trust Libra and the world’s first cryptocurrency about the same amount, including the Bitcoin wallets Calibra.
Unsurprisingly given all of its privacy concerns lately, 77% of those polled don’t trust Facebook with their information at all. 2% do trust Facebook, and the remaining 21% trust Facebook a little bit. Even less surprising is that 86% of Americans have no interest in Libra, with only 5% being on the opposite end.
Of course, with all of the recent negativity surrounding Libra, it’s little question as to whether or not one should trust Facebook with their information. As of now, nobody really knows what the company’s mission is with this cryptocurrency.
Recently, David Marcus, the head of the Libra project, was made to testify in front of Congress about his team’s asset. There, many Senators met Marcus with much concern, asking why Facebook is doing this, if they understand the full consequences, and why anybody should trust the company with their information. Unfortunately, the head didn’t give much in terms of answers. Marcus took his time dodging questions and responding with non-answers, leaving many still questioning what to do next.
All one can be positive about for now is that Marcus claims Facebook will not go through with Libra until every single regulatory concern is met.
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