Mainstream Media is Finally Covering Facebook’s Digital Asset Conquest
At the time of writing, cryptocurrencies are still holding strong, as Bitcoin touched $9,000 recently. With excitement sweeping across the crypto community, mainstream media can no longer doubt and ignore cryptocurrencies.
For those with their ear close to the ground, the news of Facebook exploring blockchain and cryptocurrencies is nothing new, and information already circulating revealed that the anticipated new coin would be a stablecoin!
In late 2018, we covered the possibility of messaging app WhatsApp (owned by Facebook) plugging in its own native digital asset.
Four months later, the world received news that Facebook was seeking $1 billion in funding to launch a stablecoin. The latest batch of news reveals that the new cryptocurrency will allegedly be called “GlobalCoin” and have a value pegged to the U.S. dollar.
According to Forbes and the BBC, GlobalCoin will launch in 2020 in “dozens of countries” and a test version is scheduled to be rolled out towards the end of 2019. Rumors are also flying that Zuckerberg himself was in talks with the Bank of England.
Why Facebook’s “GlobalCoin” Legitimizes Cryptocurrency to the Masses
Interestingly, many believe this could pose a direct threat to Bitcoin, which is nothing new because it faces competition from most other altcoins every day.
Facebook has access to billions of users, and its new coin could possibly be the most used platform in the cryptocurrency and blockchain sector. It gives validity that Bitcoin and the protocols that came after it can and will likely change how we transact finances in the future.
The ultra-rich realize the potential of digital assets and their underlying technology. If they truly deemed it as a failed technology or unprofitable, we would not be witnessing the daily news of corporations, central banks, and the world’s brightest and wealthiest pouring into the space at an exponential rate. Ironically, while they do this, the mainstream media tells the public “Bitcoin is dead.”
“Lord King, the former Governor of the Bank of England, warned two decades ago that central banks could become “irrelevant” if people started to use digital currencies as pounds and pennies are used today.” – BBC
Facebook entering the cryptocurrency markets is not a negative thing; it shows those who are still sitting on the sidelines that there is huge potential in creating the “Internet of Value!”
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.