The Shapeshift CEO commented on Facebook’s cryptocurrency project from a personal perspective at the Bitcoin2019 event, declaring that even though Libra doesn’t exist yet, there’s a space for it in his platform.
“It’s too early because it doesn’t exist yet but I would love to integrate Libra into ShapeShift when it does exist,” Voorhees said.
The cryptocurrency and blockchain entrepreneur explained that his interest in Libra depended on how well the project would work.
“The really interesting thing about Libra is what rules are based on it,” he said.
Voorhees also had a few concerns, pointing out that what its presented in Libra’s white paper could change when the project actually launches.
“So, fundamentally it’s based on a relatively decentralized worldview, but that could be very different when it actually launches versus what’s been reported,” he said.
He also assessed the control Libra could give to users from a technical aspect.
“We will see how freely it can move. For example, does someone need permission to integrate it into something?” Voorhees asked.
Gateway To Bitcoin
Libra could also serve as a way to usher in broader bitcoin adoption.
The entrepreneur explained that Libra’s value could surpass the dollar’s, making it a more attractive form of payment.
“I’m very excited that Libra isn’t just on a one-on-one parity with the dollar,” he said.
Voorhees also said that Libra could make Facebook users more open to digital currencies.
“One of the effects is that people, specially Americans, will start to get more comfortable with a coin that is a little bit more powerful versus the dollar,” he said.
On the other hand, the use of Libra is also a way for new users to get into bitcoin and to get used to price volatility.
“It’s price will vary, but nothing like bitcoin’s,” he said. “People will realize that is OK to have an asset that moves, and indeed there isn’t an asset in the world that doesn’t move.”
Image via Consensus archives