France’s economy and finance minister has put the first real spoke in the wheels of Facebook’s Libra cryptocurrency project, promising to block its use in the European Union.
Facebook is in for a rough ride with its Libra cryptocurrency project. If that wasn’t clear from the president’s anti-cryptocurrency Tweets last week and Treasury Secretary’s comments on Monday that they are “a national security issue,” it was very obvious after the Facebook executive spearheading its Libra payment system was treated like a bipartisan punching bag in a hearing before the U.S. Senate Banking Committee on July 16.
Facebook is so powerful it can even make President Donald Trump agree with Rep. Maxine Waters, the liberal House Democrat from California’s 43rd district, near Los Angeles.
With bitcoin prices bouncing around from day to day and even minute to minute, it’s incredibly difficult to tie down finance professionals to a concrete prediction on where the cryptocurrency is heading. Nobody wants to be wrong, after all, and with cryptocurrencies’ extreme volatility, it’s highly likely that their predictions could be very wrong. So how do finance gurus handle the topic of bitcoin’s future without painting themselves into a corner? Increasingly, they avoid the question and talk about blockchain instead. Recently, it’s practically the default response of people in the industry to start singing the praises of blockchain when anyone asks them about bitcoin. Wall Street Journal tech columnist…