In an interview with popular financial and crypto publication Bloomberg, Blockchain capital partner Spencer Bogart claimed that the crypto endeavors of social media giant Facebook could lead to the doubling or even tripling of crypto users.
Bogart expressed his opinion that he thinks Facebook coin- whether it becomes a stablecoin or a totally different kind of crypto asset- will become the ladder that will lead to mass adoption. He voiced his belief that the masses that currently use Facebook will quickly be exposed to crypto-currencies once Facebook Coin becomes a thing.
“It’s like being on the internet, so people can spin out and they can start owning bitcoin, they can start owning ether. Some percentage of the user base is likely to do so, and again I think that’s going to be a dramatic catalyst” he said.
Facebook being the giant of a company it is, will definitely lead to more exposure to crypto-currencies according to Bogart. Bogart when on to state that the more important thing is that Facebook’s foray into crypto-currency will “lit a fire in the pants of every major fintech and financial institution in the U.S.”
He reasoned that other fintech and financial institutions that were either avoiding crypto-currency, or developing cold feet; will be more inclined to make forays into the scene rather than staying away from it, thanks to Facebook’s move. Facebook’s foray into the crypto scene was highlighted earlier this week after the social media giant acquired rights to the “Libra” trademark in order to help with its secretive crypto project. The social media giant last week was also seeking to invest $1 billion in its rumored stablecoin.
Facebook has clearly been the center of attention the past several weeks for some of the decisions it has made. The social media giant’s bullish stance on Bitcoin has been followed up by rumors of a stable coin- Facebook coin- along with a myriad of crypto investments. Facebook’s current bullish crypto stance is worlds apart compared to its stance exactly a year ago. Facebook also has been on the spot light for permanently banning certain political and social media personalities from its platform for their “dangerous rhetoric”. Some of the notable figures who the Facebook ban was slapped on include info wars podcast host Alex Jones, social media far-right figure Milo Yiannopolous, and popular leader of the Nation of Islam, Louis Farrakhan.
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