In an incredible turn of events, multiple anonymous internal sources within Facebook’s employment ranks have come forward to the new york times, and have claimed that facebook plans to create an umbrella system for Whatsapp, Messenger, and Instagram, and to fuel the new system with a cryptocurrency. According to the source, Facebook may ‘succeed where Bitcoin failed.’
According to the sources, Facebook has big plans for all of its main platforms – it aims to integrate Whatsapp, Messenger, and Instagram into one umbrella system, which will create an easy way for users to interact with all platforms. More importantly, this gives an incredible opportunity for cryptocurrency exposure.
Facebook’s cryptocurrency stablecoin will be exposed to 2.9 BILLION people
According to the article, the exposure for any cryptocurrency used by Facebook for its system would be equivalent to 2.9 billion people. That’s almost half the world’s population. If Facebook does decide to go forwards with its plans, and there’s no reason why it shouldn’t, then this could be an incredible push towards mainstream adoption – perhaps even the final catalyst necessary to take crypto to the mainstream audience.
5 sources together claim that Facebook’s specific plans for the cryptocurrency they’d use are clear cut – the social media giant will create a fiat-pegged stablecoin to ensure that any volatility in the general cryptocurrency markets is avoided.
This may well be a blow to cryptocurrency traders, as with a stablecoin going to mass market, there won’t be any immediate gains from investing or trading – however this aside, the effect on the whole world’s ability to use and trade cryptocurrency, let alone the interest that will be generated, will be enough to push the rest of the markets into overdrive, giving plentiful opportunities to anyone who desires to attempt to make money from this news.
Facebook has already approached cryptocurrency exchanges with its stablecoin
The sources also claim that Facebook are further along in the process than we realise – and that they’ve already approached ‘unnamed’ exchanges to start the process of getting their coin to market, or at least to test the waters and plan ahead of time.
This news alone is more than enough to show that this stablecoin could be here within a matter of months, not years.
Will this kick off the next bull market? Will facebook rise to world dominance in yet another area? Outlook: likely.
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