It's almost common knowledge now to anyone in the crypto space that Facebook should be releasing their own crypto currency at some point in the near future. And the latest rumour to surface is that the social media behemoth is set to pour a staggering one billion dollars into the project. This has got tongues wagging again and that hype train just got a fresh adrenaline boost once more. Although many still decry the involvement of Facebook in crypto, citing reasons of centralization and a cornering of the small market that we have.
Well, I'm kind of torn about this one... In one respect, yeah. The original USP of crypto was the fact that there was no singular central body of control, hence the flow of monetary supply and power to regulate, was solely in the hands of the people. A great idea in principal, but as we've seen regarding the implementation of this idea, it may be a case of "easier said than done". Powerful groups within the crypto space can hoard massive percentages of a particular coin and thus skew the shift of power balance once again. Still, some would argue, that these wealthy individuals are also considered part of the "people" that are enabling themselves to get into that position in the first place.
But then again, at this point in time, we most definitely need eyes on the crypto markets. And millions of them. Whilst I do see this as an organically evolving process moving forward into the future, something with the branding that Facebook enjoys could potentially fast track global interest on these markets hugely. So, whereas some see Facebook as a rival to their chosen portfolio of crypto currencies, others might see their involvement as the catalyst we've all been waiting for to push mass adoption along at a furious rate.
These are certainly interesting times we're entering and the floor is wide open for industries and business sectors alike, to join in and maximize on this opportunity of a lifetime. Although one thing I am sure of and that is in about five years from now, the crypto space will be unrecognizable from what it is today. Let's watch this space and find out.
