Facebook Libra has faced heavy opposition right from the beginning. It is no surprise that Libra market sentiment is recorded to be a forty-eight percent (48%) negative in a Cindicator report released this week.
Facebook Libra market sentiment has been in a sway right from the beginning. Most cryptocurrency enthusiasts believe that Facebook is trying to manipulate the cryptocurrency sphere and general users by presenting what is actually a stable coin as a cryptocurrency.
While other reasons include mistrust on the Facebook administration gave the privacy breach incidents in the past, and the non-apology apology Mark Zuckerburg had to offer at the related senate committee hearing.
Is Libra market sentiment bad for Facebook Libra?
The situation is pretty contrary to the negative Libra market sentiment recorded by the Cindicator team. The same report reveals that another forty-five percent (45%) is actually the positive sentiment for the stable coin.
The report is based on a survey report results where analysts were asked different questions about Libra, and the results are very interesting.
Analysts pushing the Libra market sentiment to a forty-eight percent negative (48%) would be avoiding Libra for different reasons. Where about twenty-seven percent are against Libra stable coin use without a specific reason.
Whereas, a whopping thirty-one percent (31.38%) believes that they should avoid stable coin since it is decentralized. Another twenty-nine percent (29.31%) would be avoiding it due to lack of trust in Facebook. While over eleven percent (11.38%) would avoid it over privacy concerns given Facebook’s past mistakes.
On the other hand, as many as sixty-three percent (63.33%) of the analysts comprising the forty-five percent (45%) of the total survey size would be using Facebook Libra without reason.
Whereas, only five and a half percent (5.56%) would be using it for the low fee structure. While over fourteen percent (14.44%) would be using the Libra stablecoin owing to its potential for mass adoption. Almost nine percent (8.89%) would be using it to cash in on the price stability.
Facebook has already warned investors and customers that the Libra project may never become a reality. But, on the other hand, the company is determined to gather the hundred (100) investors are defined in the Libra White paper. A hit or flop? Only time will tell.