By Greg Wilson, analyst, Palm Beach Daily
The launch of Facebook’s Libra coin is coming.
Table of Contents
What Is Libra?
Last month, social media giant Facebook made waves when it announced Libra.
Libra will allow Facebook users to make crypto transactions on the social media platform (including on its WhatsApp and Messenger apps). Libra will be a stablecoin—meaning, it’s pegged to a basket of currencies.
With Libra, you’ll be able to buy goods and services, as well as send money to people with near-zero fees.
Think about that…
Facebook has nearly 2.4 billion active global users. The majority are on the platform every day. So that’s a huge pool of potential crypto users.
And Libra will have the same effect on the crypto space as the new trendy bars did on downtown Buffalo.
It’ll bring millions of new people to the crypto space…
Inviting Its Deep-Pocketed Friends, Too
You see, Facebook’s entrance alone is enough to move any industry. With a market cap of over $550 billion, it’s bigger than the entire crypto market.
But Facebook isn’t just building a bar in the crypto community. It’s inviting its deep-pocketed friends, too…
Now, Facebook won’t be running Libra. The Libra Association will handle that.
And to be a member, a company must have the right combination of financial strength, customer reach, and brand recognition. The membership fee alone is $10 million—ensuring each partner has skin in the game.
The current partner list includes some of the most well-known companies in the world, like Visa and Mastercard.
There’s also popular fintech firms such as PayPal, Coinbase, and Stripe… venture capital firms like Andreessen Horowitz and Thrive Capital… and leading software companies like Uber, eBay, and Spotify.
These firms will be a driving force for the project. Plus, they’ll have incentives to use Libra. And remember, these deep pockets will bring billions of dollars and millions of customers into crypto, too.
And if that wasn’t enough, another “bar” is about to open in crypto’s downtown…
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The Cluster Is Growing
Earlier this year, financial stalwart JPMorgan Chase announced plans to roll out its own JPM Coin. And it’s already in the testing phase.
Now, JPMorgan manages $2.6 trillion in assets. And it moves more than $6 trillion in capital every day. Plus, its client roster includes some of the world’s most prominent corporations, institutions, and governments.
Each JPM Coin will be redeemable for $1. Eventually, the bank will use the token to instantly settle transactions between its wholesale payments business clients.
Like Libra, JPM Coin will bring billions of dollars and millions of new customers to crypto. And we’ll see the cluster effect intensify…
This influx of new users—both individuals and corporations—will get its first exposure to cryptocurrencies, digital wallets, and blockchains.
And it’ll naturally gravitate to the oldest, most well-known cryptocurrency: bitcoin.
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A Powerful Tailwind
Some may think the way to play this trend is Facebook. While it may ultimately be a good investment, we think the better buy is bitcoin.
In fact, here’s what Daily editor Teeka Tiwari had to say about this powerful tailwind:
Within the next 12 months, we’ll see Facebook rolling out its new coin, Libra. I believe the impact will be massive.
The social network has 2.4 billion users—over 30% of the world’s population. They’re about to be trained on how to use what Facebook is calling a “cryptocurrency.”
To be clear, Libra isn’t a real crypto. But the company is riding the coattails of the surge in interest in crypto technology. This will bring crypto to mom and pop—a huge global audience that ordinarily wouldn’t be exposed to it.
Now, you may be worried that Libra could diminish bitcoin’s value. But like Mark’s bar in downtown Buffalo, the opposite will be true.
The good news is: It’s not too late to get in. As more people adopt bitcoin, demand will soar—pushing prices to new highs.
You only need a small stake for the potential of life-changing gains. So position yourself today.