Is libra coin going to dominate the Bitcoin market?

[BestCryptoYear2020]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

[masterrex]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

No its not going to happen, in case that facebook cryptocurrency libra was successfully launched and already in used, in my humble opinion I think "it cannot dominate the bitcoin market" because libra was design to be a stablecoin meaning it will not fluctuate much like bitcoin does since it was pegged by US dollar in that case i'm sure it will not catch or surpass the bitcoin price and market dominance for the mean time.

[kindbtc]

I do not think so but definitely it will reach top 5 coins in a year's time according to my assessment but yes it can grow to higher rank within couple of years, one thing we should keep in mind that not all fb users will be investing and using libra, i think below 10 percent will be using it and fb will need special awareness campaigns to market libra which will take time.

[Blackdeath]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

I don't think so that Facebook's Libra coinwill reduce the dominance of bitcoin market because a lot of people still don't trust their momey in facebook, that is why they have doubts about it. And libra coin was centralized and it was design to be a stable, so it doesn't have any difference with fiat currency and it doesn't stand any chance to defeat bitcoin to it's price.

[nicolas1979]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

It won't happen, Libra used by Facebook to get fresh fund for next project. There's no coin can defeat bitcoin you can check from history or public opinion about this. Libra can reduce bitcoin dominance the answer is yes but take bitcoin place is no. Every altcoin reduce bitcoin dominance and that's why bitcoin always have price and volume wave. Let's Libra take action and give us proof, this time many people believe in Libra because Facebook is their back up.

[CodyAlfaridzi]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

Very unlikely. Bitcoin and Libra is a very different thing. The main difference is Bitcoin has no central authority while Libra is governed by The Libra Foundation. That's the one thing that people find interesting with Bitcoin. People would see Libra the same as any other digital payment system, like Paypal, etc. In fact, initial members of the foundation includes Visa and Mastercards. I don't see how is that appealing.

[smyslov]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

We cannot speculate on something that is not there, there is no final on the platform that Libra is going to create, once it launch and we have seen some of it's features and how it works, we will then see if this is going to dominate the market, but I doubt the regulator will not let this things happen.

[Rengga Jati]

Don't dream too much about Libra. First of all, it should be launched to make it listed on exchanges and people can use it. Some people are quite enthusiastic about Libra but I am not. We know that Libra is planned to be a stable coin, it means not really different than USDT or USDC. So far, I never used those coins for investment, so I have no reason to be interested in it. I am still sure that Bitcoin is irreplaceable as the main crypto coins and dominates crypto market.

[o48o]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

Even if it would get a green flag, it can get a red flag at any time in the future, just like xrp it will live under government watching eye that can shut them down any time. So no, it's not going to dominate anything. It will be a monetary surveillance tool and people will jump on it like they jump on facebook. But it doesn't have same fundamentals as real cryptos.

[sovie]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

Right now libra is facing tough time from US Congress for its launch. Even if its launched , it dont has the capacity to overcome the dominance of bitcoin. Remember bitcoin is a pure centralized crypto currency while currencies like xrp and libra are centralized one that has no connection with cryptocurrency.

[tianglistrik]

in fact Facebook is one of the giants in the field of technology, especially the social media that they have which most have many users. maybe if Facebook didn't ban before, maybe they would get a lot of support but unfortunately they get a lot of opposition from crypto users and a lot of controversy, and this happened before their project was officially launched. and I think libra will be difficult to get old users, maybe most of the users are new people

[cabron]

Not everyone is enthusiastic about Libra, its not good to have it when its creator had already committed a violation to the facebook users like monitoring users data and monetizing it.  Its going to keep watching us like a hawk if their project will be launched. It will take a big chunk of the domination but will only be used by people who are not privacy concerned individuals like the people who are often in facebook itself.

[bamboylee]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

If ever it does, I think it will have a large market but I do not think that it will take over Bitcoin's dominance. Bitcoin will still be dominant because it is the truly decentralized crypto unlike libra that is centralized.

[BRODIN]

will never happen? we all don't even know the origin of Libra coins, road maps, concepts and even what this Libra coin looks like.
I personally will not say at length about this issue, it's just that I'm not sure if Libra will dominate the bitcoin market. Libra will not do that, maybe if a Libra coin is launched soon it will only have a positive impact on the adoption of crypto and nothing more.

[Febo]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

Libra will be a stable coin and will compete with all stable coins. Most volume right now have tether. And tether have more volume then Bitcoin.   Bitcoin dominance is how much marketcap have Bitcoin. Not the volume. Tether have $4 billion marketcap, what is 2% of all crypto marketcap.

[livingfree]

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

You created another topic for Libra. Are you a fan of this project? There is no way to know if it will dominate the market. Yes it's from facebook but it is not going to be the reason why it will dominate.

I'm not saying it will but just a what if. Libra is going to be the same with altcoins that we all knew so there will be no difference and the crypto market will still rely to bitcoins dominance.

[NeuroticFish]

Will Libra coin reduce the dominance of Bitcoin market?

Libra is designed as a competitor more for USDT than Bitcoin.
It could "take away" from Bitcoin the "use as a coin", but Bitcoin will remain at least a good investment.

However, these are suppositions. Libra has a huge power behind it and the regulators know that, so will not allow it for now.
Libra may be allowed to get launched only after ECB and other similar institutions have their coin ready or even already launched.

[enhu]

Will Libra coin reduce the dominance of Bitcoin market?

Libra is designed as a competitor more for USDT than Bitcoin.
It could "take away" from Bitcoin the "use as a coin", but Bitcoin will remain at least a good investment.

However, these are suppositions. Libra has a huge power behind it and the regulators know that, so will not allow it for now.
Libra may be allowed to get launched only after ECB and other similar institutions have their coin ready or even already launched.

Probably or if most countries already have their own digital currency launched and then facebook libra will be approved. ITs too dangerous to release that coin today since it could be more powerful the a government, its a stablecoin that might not be audited if they let it launched and can be used in different ways.

Tether got a bit of a percentage which I guess the libra will also have but definitely not going to take over since more are going to prefer the decentralize coin.

[StatesManG]

No it's not going to, its more of a stable currency and can't dominate the bitcoin market. Stable currency don't add in value. Libra currency will definitely be at the top of the market but not going to dominate bitcoin or even Ethereum

[Ezravdb]

in fact Facebook is one of the giants in the field of technology, especially the social media that they have which most have many users. maybe if Facebook didn't ban before, maybe they would get a lot of support but unfortunately they get a lot of opposition from crypto users and a lot of controversy, and this happened before their project was officially launched. and I think libra will be difficult to get old users, maybe most of the users are new people

I don't think so. New investors or old investors will certainly think twice about investing in Libra Coin. The reason Libra is determined as a stable coin, of course, rivals will be strong enough against the USDC, USDT and Busd. And there's no way libra coin will reduce the dominance of the bitcoin market.