How Facebook’s Entry In Crypto Space Can Create Fortunes For Bitcoin
Internet was one of the greatest things man created, and within a few decades, we are talking about Smart Homes, Artificial Intelligence, Internet of Things, etc. However, the journey has been all about the push which internet got, every time one thought it had reached saturation. Internet’s first public breakthrough was email, and then, the iPhone.
Case with every industry is quite similar, and more so with cryptocurrency. When Bitcoin was launched, it was discarded as another internet bubble, but with time it proved its mettle. Then came Dapps, and general adoption, which give it the initial push. And now, at a time when the entire industry awaits the spark for global mass adoption, Facebook’s Libra could do wonders, particularly for Bitcoin.
Facebook itself has a user base of over 2 billion people. And the best part is that it’s not the only one backing Libra. VISA, MasterCard, PayPal, PayU, Uber, and about 90 others are going to be the founding members when the token is finally launched for public in early 2020.
So how can Libra benefit Bitcoin? Let’s find out:
Increased Crypto Users
Facebook’s two billion users are like a gold mine for the industry. As Libra grows, more and more users will begin experiencing the power of cryptocurrencies. And once that happens, they will be definitely attracted towards Bitcoin, given its reputation of being the oldest and greatest cryptocurrency. Even if a 10th of the estimated user base gets hooked to Bitcoin, it might be enough to ignite the greatest bull rally of all time.
Enhanced Credibility Due To Big Names
As mentioned earlier, Libra has a lot of traditional giants backing the cryptocurrency. And most of them are the most trusted ones worldwide. Bitcoin is one thing which almost 90% of the global population doesn’t understand, and hence, doesn’t trust it. Moreover, the cyclical nature of Bitcoin makes, those who are slightly aware, scared of the apparent volatility. But when such reputed names promote cryptocurrencies, people will take a keen interest in the industry, and will soon realize that Bitcoin is the real deal.
Bitcoin Can Become The Reserve Currency For Libra
If there’s ever a list for best assets to possess, Bitcoin will definitely be in the list, given the high value of the token. Facebook’s Libra is a stablecoin, backed by strong assets like bank deposits, government bonds, stocks, etc., so why not back it with the best, that is Bitcoin? Yes, Bitcoin has a notoriously volatile past, but the future seems to be a stable one for sure, as several experts have predicted. The integration of the two heavyweight platforms will do wonders for each of them. Bitcoin strength and tremendous value, coupled with Libra’s potential user base, will be a force to reckon with.