- Facebook’s latest attempt to cash in on the ongoing crypto boom is being viewed by many as a positive thing for the industry as a whole.
- Additionally, a lot of experts believe that FB’s upcoming Globalcoin offering will help legitimize the altcoin sector and allow governments to formulate better regulatory frameworks in relation to this burgeoning asset class.
Is Facebook's GlobalCoin Bullish for Crypto?
As the altcoin sector continues to evolve and grow, a number of experts have been claiming that Facebook’s upcoming crypto venture — dubbed ‘Globalcoin’ — will have an extremely positive impact on the value of BTC (as well as many of the other premier digital currencies available in the market today).
In this regard, Spencer Bogart — who currently serves as an executive partner over at Blockchain Capital — recently posted a string of messages on Twitter stating that the launch of Facebook’s much-hyped stablecoin offering will serve as a “boon for Bitcoin” — since it will allow the masses to enter the crypto arena in an extremely streamlined, hassle-free manner.
For better or worse, Facebook’s crypto effort is among the most bullish external tailwinds for Bitcoin in 2019/2020 (topped only by reinvigorated push among central banks for easy-money globally)
— Spencer Bogart (@CremeDeLaCrypto) June 11, 2019
Wall Street Veteran: More Established Players Will Enter Crypto After Facebook
Further expounding on why he believes Globalcoin will be a gamechanger, Bogart explained that the corporate backed crypto will help “ease the friction” that is currently encountered by many investors when they buy digital assets online (especially when using fiat-based assets).
On the subject, Bogart recently penned a piece wherein he claimed:
“Facebook making a concerted push for digital asset adoption and creating a circular economy is great because it solves that friction point. Once people are holding/earning a digital asset, it’s relatively trivial to go from, for example, USDC to BTC.”
Lastly, a host of analysts also believe that with the introduction of GlobalCoin into the crypto fray, the industry at large will witness immense growth not only from a financial standpoint, but also from an infrastructure perspective.
According to former Wall Street Honcho — Caitlin Long — Globalcoin will help legitimize the idea of crypto and will help push blockchain technology into the financial mainstream (almost overnight).
Additionally, she believes that with the entry of a big-name player such as Facebook into the global crypto arena, more and more established corporations and governments will look to explore this burgeoning industry.
Lastly, Long is of the opinion that much like Venezuela — where cryptocurrencies are fast becoming the people’s preferred means of facilitating daily payments — once FB enters the digital asset market, the masses will flock towards established assets such as Bitcoin, Ethereum, XRP etc.