Dean

Owner, Editor, and lead writer for Cryptorials.

Cryptocurrency writer and trader since 2014.

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Dean

It’s just the media that has pushed Facebook’s Libra so high, whereas, U.S. users don’t seem to be amazed by the crypto at all. A survey shows that only 2% of users in America have shown trust in this new cryptocurrency.

It’s not just that users aren’t interested in Libra, a study shows that Facebook has seen a massive drop in its user base. Since 2017 around 15 million users have left the social site in the United States, and that’s just not it, it keeps on falling every year.

A poll was conducted by CivicScience, in which around 1.8K American adults participated. The objective of this survey was to know about how people feel about Facebook’s cryptocurrency, which is let to be launched.

The results were made public on 22nd July, which revealed that 5% of adults trust Libra. It may seem surprising, but the reality is that about 86% of adults immediately rejected Libra. Among them, 10% were not even sure about what to say about this. What’s more appalling is the fact that those who voted in favour of Libra are youngsters ageing between 18 to 24 years.

When asked about users trust that they have in Facebook privacy, 77% answered a ‘big NO.’ Facebook is the main reason why American users have turned up against Libra. The way Facebook handles user’s personal data is ridiculous. Summing up the survey, only 2% of users fully trust the social site, whereas 21% trust very little.

Criticising Facebook, analysts and professionals in the trading industry say that the primary reason that users have lost their trust is the late security breach scandal of Facebook. Moreover, Libra was being considered the one asset that would skyrocket and take over cryptocurrencies like Bitcoin, Ethereum, and XRP. But at the moment, things seem worse for Libra.

In comparison with other cryptocurrencies, 40% responded Libra to be better than BTC, and other digital currencies. 35% of adults suggested that they trust less much less as compared to other cryptocurrencies. And the rest of 39% were not sure either Libra is better than other cryptos or not.

In a few other surveys across the globe, the response was the same, and the majority of users didn’t trust Libra at all. Scrutinising all the results, the climate doesn’t seem to be in favour of Libra and Facebook, and the launch of Libra may backfire.