Facebook, the social media networking giant which owns image-based Instagram, and popular messaging app, WhatsApp is launching a Bitcoin-inspired cryptocurrency dubbed “GlobalCoin“.
As reported by Forbes, Facebook’s Global Coin is gearing up to be a rival to Bitcoin and will be rolled out for testing by the end of 2019 and is set to launch in 2020 in up to a dozen countries around the world.
In light of this news, people are speculating that Facebook’s Global Coin will be a rival to Bitcoin.
This belief is fueled by the fact that Mark Zuckerberg, the founder and CEO of Facebook, met with Mark Carney, the governor of the Bank of England, to discuss the inner workings of Facebook’s Coin as well as the risks and regulations involved.
Will Facebook’s Coin Rival Bitcoin or Help it?
While Forbes reports that Facebook’s GlobalCoin could be a rival to Bitcoin, it’s actually more widely believed that Facebook’s cryptocurrency will benefit Bitcoin in a big way.
As previously reported by IIB, Facebook’s Coin could introduce crypto to its 2 billion active user base around the world.
Moreover, Spencer Bogart, a partner at venture capital firm Blockchain Capital, reportedly said:
“Once [Facebook users] own [Facebook’s GlobalCoin], it will be like being on the internet so people can spin-out and start owning Bitcoin, Ethereum. Bitcoin has gone from zero users ten years ago to somewhere between 30 million to 100 million–the estimates are tough. And Facebook has billions of users.”
All in all, it’s likely that Facebook’s GlobalCoin will be a catalyst to further Bitcoin and crypto adoption.
Do you think Facebook’s GlobalCoin will take market share away from Bitcoin or Bring more participants to it? Let us know what you think in the comment section below.