When Facebook announced its cryptocurrency Libra, which shares its title with an astrological sign for people born approximately between 23 September and 23 October, people had a lot of questions.
Will this upend the traditional banking system? Is Facebook going to sell my financial data to advertisers? And most importantly, what does an astrology-adjacent cryptocurrency name mean for us all?
Facebook says it chose the name Libra based on the Roman form of currency the Libra and for the balance and unity represented by the scales, the symbol of the sign. Many Libras were upset about having their sign co-opted by one of the largest companies in the world.
And some astrology fans questioned why a company would name a cryptocurrency after a sign with a reputation of being chronically flaky, unstable, and bad with money. (Source: this writer is a Libra.)
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So what is in the stars for Libra’s future success? It’s hard to say, said Henry Weingarten, a consultant at the Astrologers Fund, Inc, a company that makes investing recommendations based on market data, behavioral economics and astrology. Astrology readings for cryptocurrencies must be made for the first transaction, not the release of the report describing it.
“My reading is skeptical because this is a chart based on conception, not on birth,” he said. “But the reading shows they are promising a lot more than they can deliver.”
Raj Chadha, a self-described “stock astrologer”, did a reading of Libra’s conception chart and said his findings show the coin will face criticism and opposition from government and financial institutions, but ultimately succeed.
His reasoning? Libra’s chart showed Mars was in the 12th house when the currency was announced. Meanwhile the Sun was in the 11th house, the house of success and support from friends, and Jupiter was in the fifth house – the house that stands for speculation and the stock market.
“Based on the astrology chart made for this time and place, it is my opinion that Libra will face a lot of criticism and opposition from government and financial institutions, but it will come to exist,” he said. “I cannot say that it will thrive or shine or outclass other cryptocurrencies, but it will have its desired place in the financial system.”
Indeed, Facebook is already facing backlash: shortly after Facebook’s announcement, the chair of the House financial services committee, Maxine Waters, called on the company to put a stop to the project until Congress and regulators could review it. She also called on company executives to testify before the committee.
Facebook has agreed to answer questions from Waters, and said it will continue to work with legislators on the launch of Libra, which is set to roll out to the public in 2020.
Although it is difficult to create an accurate reading for Libra ahead of its official launch, the stars are aligned for growth in the world of cryptocurrency in general, David Crook, a San Francisco-based astrologer, said.
“The planet of Uranus, which is the planet of awakening and revolution and new inventions, is in Taurus, the sign associated with wealth,” he said. “This could birth changes and rise of new technology, like cryptocurrency.”
Crook studies “mundane astrology”, an ancient kind of astrology used as early as the ninth century by kings and other world leaders to predict events and interpret world affairs. He has examined Donald Trump’s chart extensively and believes, based on upcoming transits, an impeachment may be on the horizon. His work also guides him in creating timelines for world events such as wars, elections and the climate crisis. But he is quick to say the stars can’t tell us for sure what will happen in the future, including to Facebook and its new project.
“Astrology is a way of interpreting the world, it is not totally predetermined and etched in stone,” he said. “In many ways, it’s a recognition of what you already know.”