Will Facebook’s Pro-Crypto Stance Lay The Groundwork For A Massive BTC Adoption Drive Globally?

Will Facebook's Pro-Crypto Stance Lay The Groundwork For A Massive BTC Adoption Drive Globally?

As per a blog post published by Spencer Bogart on Medium.com recently, the crypto savant argues that over the course of the coming 24 months, big-name players like Facebook, Telegram will help drive BTC adoption across the planet like never before – primarily because the aforementioned platforms cater to the needs of billions of users on a near-daily basis.

A Closer Look At The Situation

With Facebook and Telegram showing a lot of interest in crypto-enabled technologies over the course of the past year or so, it seems as though the crypto economy is all set to witness a breakout in the near future.

Also, it should be pointed out that whether or not the above-stated platforms provide integrative support for BTC is quite irrelevant, since just exposing the masses to the altcoin sector in itself will spur the adoption of this burgeoning asset class.

Further expounding his thoughts on the subject, Bogart was quoted as saying:

“It’s a virtuous cycle: As more users onboard to crypto, more developers build more incredible things to do with programmable money which drives more users and more capital to the industry. The net result is more growth. And a lot of it.”

Also, it is being widely rumored that FB plans to integrate a digital module into its native U.I. so as to make crypto-fiat payments/transfers much more streamlined. As a result of this, more and more individuals will start to see the immense potential of this nascent technology.

“Importantly, what initially attracts these new users to crypto may not be the same as what retains them. For example, Telegram’s native currency TON may serve as an on-ramp to crypto but, once users have TON, it will be easy to exchange it for other crypto assets with a stronger value-prop and more established track record — and it’s likely that some non-negligible percentage of users will actually do so.”

Other Key Details Worth Remembering

• As things stand, Bogart claims that there exists a “fundamental difference” in the design structure of newer stablecoins when compared to those of older tokens (such as Tether). This is because older stablecoins are designed primarily to serve as digital proxies for fiat assets.
• Lastly, the Blockchain Capital partner notes in his research that the current global crypto customer base stands around the 100 million mark. However, he believes that this number will increase quite rapidly by the end of 2020.

Final Take

In closing out this piece, we should talk about crypto adoption and what some of the prime reasons are that are preventing digital currencies from reaching the masses. In this regard, many finance guru's are claiming that “hyperbitcoinization” could be the way out of this mess.

For those of our readers who may not be aware of what the term ‘hyperbitcoinization‘ means, it can basically be thought of as an “indeterminate reality” where BTC serves as the world’s base currency. However, with that being said, there currently exists no tangible indicators which suggest that such a scenario might be coming into play anytime soon.