Various reports have indicated that Facebook is preparing to launch a stable coin pegged to various fiat currencies, a recent report suggests that the project known as “Globalcoin” will be revealed on June 18th. There are many speculations on the potential impact of this news on the Crypto industry.
Bitcoin had a great start this year increasing almost threefold from the lows of $3200 to $9000, it is currently hovering at around $7700. In a recent Forbes report, ThinkMarkets analyst Naeem Aslam concluded that BTC could rise up to $10,712 in June.
Historically May has been the best performing month for Bitcoin (BTC), this year it has surged nearly 62.25%.
Image Source: Tradingview
Aslam writes:
But Bitcoin bulls do not need to worry and the reason that I am saying this is because the same seasonality factor for June looks really strong. How strong? Well, the 5-year trailing high percentage number is 25.98% which means that during this month, the price of Bitcoin can rise up to $10,712.
Aslam suggests that Facebook’s announcement will be a catalyst for Bitcoin to move higher, many people are curious about Facebook’s Cryptocurrency and it will likely grab the media’s attention.
Many outside the Crypto space compare Facebook’s coin to Bitcoin, but they could not be more different. While Bitcoin has found its place as a speculative store of value in the market, Facebook’s coin is more suited for payments. Moreover, Bitcoin is decentralized with no company having control over it whereas Facebook’s coin will likely be controlled by a few entities.
Max Keiser, host of the Keiser report said in a tweet that Facebook’s coin would render many altcoins including XRP useless. Many altcoins including XRP pride themselves for having lower fees and being more usable as a payment currency for cross border payments, but Facebook’s coin would be a direct competition to such coins and would gain an unprecedented adoption from its 2.3 Billion users.
Charlie Shrem, a long term Bitcoin proponent who was recently featured in CBS’ 60 minutes tweets:
While the Bitcoin community views Facebook’s coin critically, Wall Street Veteran Caitlin Long believes that it could actually be beneficial to Bitcoin and increase adoption. She tweets:
“Facebook‘s foray into cryptocurrency will likely end up a beneficial detour on the path to broader bitcoin adoption. By educating consumers abt the benefits of crypto & improving the user experience, FB will pull more users into BTC whether it intends to or not”
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