Well looky here, Facebook is getting ready to release its cryptocurrency. A white paper is scheduled to be published on June 18.
Its official name is Libra and it will be a stablecoin linked to quite a few cryptocurrencies and global fiat. It may even pay interest to users.
I think this will positively impact the crypto-ecosysem. How so?
Well, Facebook has more than 2.7 billion members to include tens-of-thousands of businesses.
If only a fraction of these people uses Facebooks crypto, it will make a big dent in global payments and – more importantly – “crypto awareness.”
Did you know that the G20 nations met not too long ago to discuss global crypto best practices?
I believe Facebook will change the American payment system. Americans do not use mobile and digital payments as much as some other nations.
The two largest global payment platforms are both in China – WeChat Pay and Ali Pay. Together they have over one billion users.
The next six largest payment systems are PayPal, Apple Pay, Samsung Pay, Amazon Pay, Chase Pay, and Andriod Pay. All together have fewer users than Ali Pay!
Plus, Facebook’s user base is getting older and they will be attracted to a Facebook payment system.
For the first time, billions of people will be exposed to crypto! This will be big! I do not see how it cannot.