The former governor of the Brazilian Central Bank appears to be a Bitcoin supporter.
In a Sunday op-ed published in O Estado de S. Paulo, a São Paulo-based daily newspaper, Gustavo Franco extolled the virtues of BTC.
“Bitcoin is the most spectacular case of cryptocurrency because if it were a business it would be worth $175 billion (value of all outstanding bitcoins). Only it has no shares, no shareholders or governance.
Taken together, all the other (100 largest) cryptocurrencies are worth just under $100 billion, with 14 of them worth over $1 billion.”
Franco also discussed Libra, noting that if it’s successful, other corporate giants could follow in Facebook’s footsteps.
‘In theory, any global company, even other than ‘big tech’ could do something similar: McDonald’s could create the Mac, a cryptocurrency convertible into Big Macs; Starbucks, the Star, working as a cappuccino voucher, all in blockchain.”
In March, a report surfaced about how Starbucks now holds “significant equity” in the upcoming crypto platform Bakkt. The coffee giant earned its shares as part of a mutually beneficial agreement, and it plans to install Bakkt’s payment software in its stores, which customers can use to pay with crypto.
Franco served as president of the Central Bank from 1997 to 1999.
You can check out the full op-ed here.