Facebook and bitcoin. Something on the cards
The world’s largest social media network now with an average user base of about 2 billion people might be planning on bringing block chain and bitcoin to its family. Mark Zuckerberg, the CEO of Facebook announced that he is studying cryptocurrencies, particularly bitcoin with the hopes of wanting to add it to the Facebook family to enable advertisers to pay their Ad fees using the currency. As you can see, this is something that would definitely be big for Bitcoin because its addition to Facebook would be a great step in boosting its credibility.
And one thing that cannot be denied is that if Facebook is to take up bitcoin, other Social Networks will most likely follow suit since Facebook is the largest and most influential. This uptake will likely cause the price of bitcoin to skyrocket in itself because of increased demand due to the influence of the world’s largest Social Media network.
But looking at the long term, the question to ask is this, will Facebook be good for bitcoin particularly in the long term. Here the answer is yes and no, there definitely is no extreme. Why am I saying so? Jere is why. Bitcoin has so many people fascinated particularly the geeks and those who do illegal things but nevertheless, in itself the cryptocurrency has been going mainstream. If you had been following the news trends in particular, you will find that the greatest threats most Governments and banks are facing is that of a currency switch due to the popularity of bitcoin.
Now if we add Facebook to that equation, a Social Network that is used internationally taking up bitcoin, the whole thing just becomes interesting, why? Because Facebook’s acceptance would increases the currency’s legitimacy and popularity which might prompt a response from Governments, one of which are regulations. Some of these regulations might be stringent as what happened in Egypt where cryptocurrencies where totally banned. Nevertheless, if Facebook is to start accepting bitcoin as Mark is saying, then it’s likely that the Cryptocurrency will suddenly become the hottest thing on the internet.
To end it all, Bitcoin is a threat to the global monetary system and it’s make up and whether we factor in Facebook or not, it can’t be denied that banks and Governments are feeling threatened by the growing usage and acceptance of Bitcoin. Sooner or later, they will start taking measures to influence and control it but history has always shown us that the more you try to control and stop a trend, the more popular it grows and in this case, bitcoin is very much alive and here to stay.
So, whatever Mark is thinking, either way, bitcoin will still remain the winner.