A Wall Street veteran of 22 years believes Mark Zuckerberg is about to become an accidental Bitcoin champion.
After analysing all publicly available information regarding the Facebook crypto launch, former Morgan Stanley executive, Caitlin Long, believes the move will inadvertently fuel Bitcoin adoption across the globe by exposing billions of Facebook users to the power of crypto.
“Facebook’s foray into cryptocurrency will likely end up a beneficial detour on the path to broader Bitcoin adoption,” says Ms Long.
“By educating consumers about the benefits of crypto and improving the user experience, Facebook will pull more users into BTC whether it intends to or not.”
Ms Long says her theory has precedent following the impacts of the Venezuelan Petro cryptocurrency experiment on Bitcoin adoption.
“Education efforts about its (Venezuela’s) ill-fated Petro correlated to a spike in Bitcoin use in Venezuela.
“Once people figure out cryptocurrencies and user experience is easier, they’ll do the same, migrate to the most honest ledger for storing their hard-earned wealth (Bitcoin).”
Facebook crypto launch to create power and controversies
The facebook Bitcoin boom prediction was one of six Ms Long made about the effects of the social media giant’s crypto move in a Tweet ‘storm’ today.
She also believes;
- The Facebook stablecoin will be a ‘positive force’ in developing countries.
- Facebook will pay interest to users of its cryptocurrency.
- The Facebook Foundation, which will independently govern its cryptocurrency, will garner big power in capital markets.
- The project will face various regulatory controversies.
- The project will create a ‘honeypot’ of financial data, creating further privacy controversies.
9/ Sixth, @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
— Caitlin Long 🔑 (@CaitlinLong_) June 9, 2019
Industry insiders are predicting Facebook will name its cryptocurrency ‘GlobalCoin’.
A white paper outlining details about the digital currency which will be a stablecoin, pegged to a basket of different world currencies, is expected to be released next week.