The spate of controversies that have shrouded the social media company in recent years has tainted its reputation among Americans and U.S. legislators alike. Shortly after the Libra announcement, U.S. Sen. Sherrod Brown declared it "delusional" that users would trust Facebook with their money. It is thus reasonable to assume that this scrutiny over Libra's parent company — compounded by a general misunderstanding of its differences from Bitcoin — will create a hostile environment. And thanks to Facebook's entrance, the cryptocurrencies that have so far benefitted from the relative lack of oversight may also now face undue attention. Indeed, at this point, Libra may be just as likely to carry the cryptocurrency market as it is to destroy it.

For Facebook’s Cryptocurrency, the Well May Already Be Poisoned is republished with the permission of Stratfor Worldview, a geopolitical intelligence and advisory firm.

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