Close to 95% of financial experts have said Facebook is unlikely to control the global digital currency, inferred from the survey results carried out by Chainalysis on what financial professionals think about cryptocurrency.
The survey which gauges the thoughts of financial professionals on who they believe is most likely to control global digital currency if it were to exist in the next 5 to 10 years received surprising responses.
Just 5.8% believe Facebook, which is nursing a global cryptocurrency dubbed Libra, will control the world’s digital currency.
Facebook has been facing series of attacks from regulators across the world. In the United States where Facebook’s Libra is seeking to gain approval, lawmakers are still unwilling to grant the social media giant the opportunity to launch a cryptocurrency considering a series of privacy breaches linked to Facebook.
As well, China, a country that is close to launching its digital currency, received 21.2% acceptance from respondents, that is around 21% of them think China could control the global currency if it were to finally exist in the next 5 to 10 years.
Despite China supporting blockchain within districts across the country launching different blockchain-centric ideas, respondents still do not believe the country will control global crypto.
Switzerland, where the Libra association is registered, also shared the same percentage with Facebook. Importantly, 29.9% of the financial experts think the global digital currency will be decentralized.
In spite of distancing itself from cryptocurrency, the United States still managed to stay atop in the survey, considering the fact that the U.S. dollar is arguably the world reserve currency. Most respondents think the country will have control over the global cryptocurrency. In this case, if the US is on top of other fiat currencies, why not Crypto Dollar?
In all, around 95% believe that Facebook won’t control the global currency if launched in the next 5 to 10 years.
As well, when the respondents were asked what would be the most likely reason for financial institutions to get involved in crypto, 44% said client demand. Clients could compel financial institutions to adopt cryptocurrency.
Also, when respondents were asked about which asset would have the largest growth rate over the next 12 months between Bitcoin, the S&P 500, the Bloomberg Barclays Bond Index, or the House Pricing Index, close to 50% were certain it would be Bitcoin.