Ben Mezrich, the author of the Winklevoss-twins inspired “Bitcoin Billionaires,” is calling out Mark Zuckerberg on Libra. In an interview with CNBC, Mezrich, who was peppered with questions on everything from crypto wallets to bitcoin regulation, observed a foreshadowing between the events that transpire in “The Social Network” and the current dynamic in crypto, saying:
“Can we just mention one thing? How insane is it that Mark Zuckerberg launches Libra right after the Winklevoss twins launch Gemini? Do you really think that’s a coincidence? Is it the ultimate troll going on right here?”
It’s undeniable that Facebook’s use of Astrology to name his digital currency is an approach that bears a striking resemblance to that taken by Cameron and Tyler Winklevoss for their crypto exchange Gemini. The Gemini zodiac sign not only comes first in the calendar but the exchange came on the scene in 2014 before Libra was even a twinkling in the eye of Zuckerberg. This time, instead of playing out in the halls of Harvard, Zuckerberg took a page out of the book of his chief rivals for all the world to see.
Libra an Onramp to Bitcoin
In the end, the joke may be on Zuckerberg. Mezrich predicts that its digital currency, Libra, is a “massive onramp for billions of people to suddenly using cryptocurrency.” Even if Facebook’s wallet doesn’t support bitcoin, it could spark their interest in digital currencies and lead them further down the rabbit hole.
“Everyone and your mother is going to have an electronic wallet…The scary part about Libra, of course, is that it’s this company that none of us trust to hold our photos anymore is now going to hold all of our money.”
Based on responses to the Mezrich interview, social media agrees that Facebook shouldn’t be trusted with financial data. One of the author’s followers summed it up as:
“The question should be framed as, “Do you trust Facebook to keep your personal financial transaction(s) private and safe?” I would bet all the gold bullion in Fort Knox that most Americans are cautious knowing Facebook’s tenuous grasp on both concepts of recent years!”
Truth is Zuckerberg’s questionable ethical behavior goes back a lot further than the last several years. Just ask Cameron and Tyler Winklevoss.
One thing is sure. Crypto Twitter is having a lot of fun at the expense of mainstream companies looking to capitalize on the bitcoin craze with their own versions of digital currencies such as Libra.
Facebook’s Libra and JPMorgan Coin probably have more in common with each other than either digital currency has with bitcoin.