Research: Libra popularity eclipses most other cryptocurrencies

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cryptocurrencies

Facebook’s cryptocurrency, Libra, might not have even been launched yet but the general public is already more familiar with it than most other cryptocurrencies, according to new research.

Brokerage giant, eToro, conducted a survey that found there is “substantial” awareness amongst the general public about Libra.

The company found 16% of people surveyed knew what Libra was, eclipsing awareness of Ethereum (12%) and other cryptocurrencies such as Litecoin and XRP which were found to be known by even fewer people.

The data was generated from a sample of around 600 respondents and first published a short time ago by Forbes.

“We believe that crypto and the blockchain technology that underpins it will be essential to tomorrow’s economy,” Guy Hirsch, U.S. managing director of eToro told Forbes.

“By introducing the concept to a new audience, libra could play a vital role in the evolution of decentralized and more democratized finance.”

Despite Libra’s surging popularity, the research found that Bitcoin remains the most recognised cryptocurrency with 58% of people knowing what it is.

Trust a big issue

According to the report, eToro also found Facebook is facing major trust issues when it comes to Libra.

54% of survey respondents had concerns about how the tech giant would manage their personal data.

Just 17% of respondents said they would trust Facebook as much as their banks.

Has Trump’s tantrum boosted Libra’s popularity?

When Donald Trump blasted Libra in a tweet to his 62 million followers, there can be no doubt millions were exposed to the new cryptocurrency for the first time.

“Facebook Libra’s ‘virtual currency’ will have little standing or dependability,” tweeted Trump.

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.

“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable.

“It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”