Most say a Facebook or JPM coin would spell the end for bitcoin, I disagree.
If you have been following the crypto news recently you may have heard about JPM coin as well as Facebook possibility developing their own coin to launch on their WhatsApp platform.
Details are a bit fuzzy at the moment on the latter as Facebook hasn't officially announced anything.
The information coming out currently is mostly leaked info and speculation by those reading between the lines.
That being said, the rumors are saying that they will launch a dollar pegged coin that can be used by their billions of users.
Does this mean the end for Bitcoin?
In my opinion, I actually think quite the opposite!
A Facebook coin would actually end up being hugely net positive for bitcoin!
Why do I think that you might be wonder?
Well, think about it for a second...
Facebook has billions of users, most of which have very little or no interest in cryptocurrency at the moment.
However, if all of the sudden their favorite platform now has a cryptocurrency, there is a very good chance at least some of those users use it and then eventually venture over into bitcoin as they venture down the crypto rabbit hole.
Users that likely would have never ventured into bitcoin otherwise.
If something like 1 out of 100 users were to buy some bitcoin, that would roughly double the current 32 million bitcoin users.
It would improve global interest in crypto dramatically.
For a clear example of why I think this would be hugely beneficial to bitcoin, think about car dealerships as an example...
They are all right next to each other.
One might think that much competition that close together would be bad for business, but on the contrary, they benefit.
Another example would be carpet shops in New York.
They are all located on the same block, and for the same reason as the car dealerships. They all help bring in business for each other!
I think the kind of exposure and interest generated from something like a Facebook coin or a JPM coin would also be hugely positive for permissionless cryptocurrencies like bitcoin.
Sort of a rising tide lifts all boats type of thing.
Stay informed my friends.
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