Social media platform boasted billions of users to each part of the world, That is why even in a small scale percentage of them drizzle into the cryptocurrency market and could it be tripled its users. The space of cryptocurrency is concerned about the upcoming Facebook coin which might hurt the Bitcoin market. Apparently according to Spencer Bogart, the entry of social media in crypto space could be the top that emerges to Bitcoin. Bloomberg which is the Capital Executive told that Facebook is a significant catalyst for making the Bitcoin boost globally and boasted billions of users.
“We have seen public reports of what Facebook might be working on – most of that is pretty private,” according to Bogart. But behind that we have no idea how they have ( an extensive) and serious team which is working on some public blockchain effort – on some payment system, and at the same time Bitcoin has gone down to zero users 10 years ago moving to somewhere between 30 to 100 million – estimates were tough and Facebook has billions of users.”
Facebook growing efforts raise $1 billion in funding the capital for the cryptocurrency project which Bogarts statement followed Facebook, the said amount, was reported by the New York Times journalist, Nathanial Popper, which will be back the Facebook coin with a 1:1 peg. And will make the new and glorified stable coin project but with a better probability of reaching mass adoption. Kik the founder of Ted Livingston said Facebook is more likely standing favorable in cryptocurrency adoption than against of it, the project of stable coin of the world’s largest social media platform was more than a threat to the USD than Bitcoin. The world’s reserve currency was gold it was not too long ago, which where the value of a dollar was secured to the value of gold. But then one day US distinct to unpeg the dollar from gold cover the way for the dollar to restore the gold as the world’s reserve currency. Here is the question: WHAT WILL STOP FACEBOOK FROM DOING THE SAME?
According to Bogart, Bitcoin is, a flattering equivalent of “gateway drug” for Facebook upcoming coin users, as Bogarts interviewer Joe Weisenthal indicated would want to avoid the regulation checks, Bogart treated it as learning curve, most likely to those users who afraid to go the crypto market but would do because of their trust in Facebook platform. So when they own the Facebook coin, it will be like being on the internet and people can start to spin out and owning Bitcoin, ethereum, but the most important part is that it will be going to lit the fire in each pants of every major fintech and financial institution in the US, Bogart said. Yahsu Gola has been working as cryptocurrency analyst and journalist since 2013, and he is an information technology graduate, a filmmaking enthusiast and an avid reader of John Erickson, Agatha Christie, JK Rowling and Isaac Asimov and he is also a cryptocurrency junkie.