Circle’s Jeremy Allaire Puts Bitcoin Above $10,000 BTC/USD In June Due To Facebook Coin Launch

Jeremy Allaire Considers Bitcoin Could Surpass $10,000 In June After The Launch Of Facebook’s Coin

Jeremy Allaire, the CEO of Circle, believes that Bitcoin is going to reach $10,000 in June due to the launch of Facebook’s virtual currency called GlobalCoin or Libra. On Twitter, Allaire said that this digital asset is going to make a massive inflexion point in the global adoption of virtual currencies. As he mentioned, this will be the beginning of the crypto summer.

Jeremy Allaire Bullish About Bitcoin’s Future

According to Techcrunch, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe Laura McCracken told German magazine WirtschaftsWoche’s Sebastian Kirsch that the white paper of Libra would be released on June 18. At the same time, the virtual currency is going to be pegged to a basket of currencies rather than just a single US.

Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.

— Jeremy Allaire (@jerallaire) June 15, 2019

Allaire believes that once Facebook’s Libra is released to the market, the most popular virtual currency could surpass $10,000. Allaire considers that the launch of Facebook’s cryptocurrency will be a catalyst for crypto adoption around the world. It is worth mentioning that Facebook has reportedly 2.38 billion monthly active users that could start dealing with the digital currency created by the platform.

A few days ago, The Wall Street Journal (WSJ) released an article in which they informed that there are several companies that will be supporting Facebook’s Libra digital asset. These companies include MercadoLibre, PayPal, Mastercard, Uber and Visa, among others. Apparently, these firms would be investing $10 million each in a consortium that will govern the digital coin.

A collection of companies including Visa, Mastercard, PayPal and Uber will invest around $10 million each in a consortium that will govern the digital coin https://t.co/k6TroXX8Oz

— The Wall Street Journal (@WSJ) June 14, 2019

This shows that Facebook has very interesting plans for the virtual currency that it has been developing over the last months in a top secret project. Allaire considers that Facebook’s Libra cryptocurrency would demonstrate the use case of virtual currencies on a broader scale.

At the same time, Bitcoin could benefit from this digital currency launched by Facebook. Users that prefer to have more privacy will move to Bitcoin and other digital currencies rather than using the one that Facebook released. Mark Zuckerberg has been talking to regulators in order to be compliant with all the regulatory framework in different countries, including the United States and the United Kingdom.

Facebook could have control over users’ data that might be shared with the establishment and other companies. In the end, Facebook's business model is to sell data to companies that want to place ads on its platform. Bitcoin does not request data from users and it allows users to transact funds using pseudonymous, which seems to be better for individuals that care about their privacy.

Bitcoin is currently being traded above $9,300 in some exchanges. According to CoinMarketCap, the digital currency has a market capitalization of over $165 billion.

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