We are all aware of the hype around the upcoming launch next year, 2020, of Facebook’s new cryptocurrency, Libra, but what does it actually mean for the cryptocurrency arena, and will it be successful?
In the latest news from over the weekend, it has been confirmed that Visa, MasterCard, PayPal and Uber are among only some of the major firms that will invest in the cryptocurrency.
It has been announced that the financial, e-commerce, venture capitalists and telecommunications firms will invest around $10 million each. The money invested by the companies will be used to fund the creation of the coin, which will be linked to a wide range of government-issued currencies in order to stabilise the coin.
In a recent article posted by the Wall Street Journal last month, it has been suggested that Facebook will seek to raise around $1 billion from backers worldwide to help start the crypto-based payment system.
Facebook is hoping that by launching their own cryptocurrency, this will inevitably drive all Cryptocurrencies alike into the mainstream for everyday payments. They have the user platform in order to succeed with this, tapping into their 2.4 billion monthly active users worldwide.
As a direct result of the launch of Facebook’s cryptocurrency, it has been strongly predicted that it will be a Trojan horse that benefits Bitcoin (BTC) strongly.
Libra will accelerate the cryptocurrency market, and more people will turn to Bitcoin simply due to its scarcity, when backed up against Facebook’s cryptocurrency.
What Does This Mean For You?
If you are currently a cryptocurrency miner now is the time to HODL your Bitcoins, especially in light of the next Bitcoin Halving fast approaching.
Don’t fear, if you are yet to become a cryptocurrency miner, now is the time to get yourself set up on a trustworthy, profitable mining package to start making returns daily on your investment, and be ahead of the game before Facebook launches their cryptocurrency.