Facebook's cryptocurrency project could revolutionize the world of money and finance. It could even replace the U.S. dollar as the global currency.
Dear Mr. Zuckerberg:
SAN JOSE, CALIFORNIA - APRIL 30: Facebook CEO Mark Zuckerberg speaking during the F8 Facebook Developers conference. But if you play your cards right with the Libra, you could be to money and finance what Henry Ford was to automobiles. Your new currency could take its place alongside the inventions of coins and paper money many centuries ago. It could replace the U.S. dollar as the global currency.
Backing your new money—as you plan to do—with a basket of currencies won’t cut it. In today’s monetary system the values of currencies jump up and down, so you won’t get the stability you need. For a variety of reasons gold holds its intrinsic value better than anything else. It’s like a measuring rod. It no more restricts the money supply than the 12 inches in a foot restricts the size of a building you might wish to construct. All it means is that the Libra will have what no other currency has today: a fixed value. And that fixture will gradually make it the most desirable medium of exchange around the globe. People hunger for trustworthy money.
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