Facebook announced to launch their own cryptocurrency named “Globalcoin” in 2020, with its issuance being completed by a subsidiary named “Libra” that is based in the historically crypto-friendly Switzerland. The bitcoin price continued to hold a strong resistance of $8000.
- Bitcoin Bitcoin (BTC) costs $ 11.14 (equivalent to 0.13%) to $ 8048.54.
- Ethereum (ETH) price of USD 0.01 (equivalent to 0.05%) is worth USD 251.51.
Experts expect bitcoin price to raise in the next few months. Brian Kelly, a cryptocurrency fund manager, said he often advised investors to keep the bitcoin ratio of 1% to 5% in their portfolio. Mark Yusko – Morgan Creek Capital CEO, believes that the bitcoin investments profits will perform better than the S&P 500 stock market investments over the next 10 years.
It has been reported that Facebook is working with banks and other traditional financial institutions during the development of their coin offering, as it is expected to be a stablecoin. Zuckerberg‘s ambition is to make the cryptocurrency payment be faster, cheaper, and compete directly with banks around the globe. This voice seems that Facebook will be more PayPal than bitcoin in the first place
If governments allows a centralized, fiat-backed digital currency to exist in an anonymous, it would likely be the toughest competition bitcoin has faced in its ten years of existence.