On a next bull run for Bitcoin and the birth of Facebook’s (NASDAQ: $FB) Libra.; @GenesisBlockch
June 25, 2019 (Investorideas.com Newswire) We had explored volatility these past articles, as well as how the market should/world evolve eventually. During the last week, events unfolded and justified previous words.
Facebook Inc. unveiled it's plans on the creation of a new cryptocurrency called Libra. According to the information provided, it will be offered as a stable-a digital currency that will not fluctuate due to it's aspiring effort to be supported by government-backed currencies.
Since it was announced, Bitcoin has spiked over $11.000 per token. Enthusiasts and professionals say Libra has has no influence over Bitcoin's sudden growth.
Though there's a growing sentiment of "carefullness" when it comes to the new almighty Libra, and a "rising support" towards Bitcoin; when using the term "digital money" for both we're talking about two entirely different animals.
Facebook's Libra has been identified as a cryptocurrency by most of the concerned public; existing cryptocurrencies such as Etherium or Bitcoin are the common mental model associated to the subject. But referring to Libra as a peer-to-peer payment network is more accurate. This is a digital currency that will be backed by traditional money in the banks, guaranteeing a stable price and regulation from diverse financial institutions.
Where services such as PayPal, Venmo, Square, WeChat, or even Western Union, in some way layered on top of the traditional financial systems aren't interoperable, Libra's answer creating payment unification in a global scale, at a much lower cost (transaction fees). Theoretically, anyone should be able to build payment applications on top of it.
Consider transferring money from standalone iOS and Android apps, Facebook's WhatsApp and Messenger services, and a bunch of other apps that will emerge constantly to aid you in doing almost anything that involves managing expenses.
All from the comfort of your mobile phone.
Libra will not only benefit from the already financially organized individuals; but its main target lies on the 1.7 billion unbanked around the world. And get this: You won't need a Facebook account to use Libra.
The Libra Association group of 28 founding members includes Visa, Master Card, PayPal, Uber, Lyft, Spotify, Coinbase and others. Libra is expected to go live in 2020.
Libra will be sold as a cryptocurrency and a totally "blockchained" technology. Sentiments around the crypto market have been mixed. Still, something worth mentioning happened last Sunday evening: Bitcoin managed to hit a high of $11,307.69; the highest price the token has achieved since 2018. This translates into a 20% growth in value while the rest of cryptocurrencies growth remained relatively flat.
Market capitalization rose to a high of $331.8 billion, its highest point since July 31, 2018, while the market capitalization for altcoins is down $3.8 billion over a 24-hour period pointing to a preference in holding BTC above all else amongst the trading elite.
Some blame Libra for the rise in price argumenting that the rise of this hybrid cryptocurrency is a positive step towards a total digitalization of asset and securities transactions. Libra is to be supported by financial institutions, most of them government-backed. This worries authorities such as the US House of Representatives which called for a hearing on Facebook's Libra this coming July.
Libra's appearance may have appealed to those who were curious about BTC but needed a push. Facebook's token can bring a sense of "legal authentication" or that of a "secure investment" to potential consumers.
Add the continuous growth in value BTC has achieved this year and the numbers involved. Analysts are bold enough to predict that Bitcoin's price could hit $ 21,000 during the next Bull Run. According to Naeem Aslam's predictions Bitcoin already hit $10,000 as he forecasted on June 17. He remarks that in the last two months there is a huge spike in price for BTC and gold, which he attributes to a lack of confidence in the stock market along with the ongoing U.S.-China trade war.
Technology, economy, trading, security, usability and the common Joe without a bank account will determine the future of both coins. Make your own resolutions and invest where you see a good opportunity, this is the time when you say: Go with your guts!
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