Facebook’s cryptocurrency, Libra, also known as GlobalCoin is already shaking the ground before its launch. The whole world is awaiting the emergence of the coin that would unseat giant fiat and digital currencies. This is beginning to initiate debates among pundits. The recent came up between Anthony Pompliano, Co-founder & Partner at Morgan Creek Digital and Peter Schiff, CEO at Euro Pacific Capital. Both placed a bet of $1 Million on “Libra” killing Bitcoin in the next 5 years.
The forthcoming launch of Facebook’s digital currency called Libra has already initiated fear within and outside the crypto sphere. Some long for its arrival to complement the already rooted cryptocurrencies, while others believe it is coming to overthrow Bitcoin, and outpace the utilities of Ripple XRP.
Gold maximalists see real giant capable of halting the supremacy of Bitcoin in Facebook’s GlobalCoin. Bitcoin’s investors as well envisage the instant authority “Libra” could stamp on in-house digital assets, once it is officially launched.
A host of substantial companies in the world are already showing interest in the underway Libra coin. Facebook has reportedly announced to solicit the interest of capital business bodies in the world for the selfless donation of 1 Billion US Dollars, meant to support its GlobalCoin.
Great companies like Andreessen Horowitz & Union Square Ventures, Uber and others are set to individually opt in with $10 million. All these are simply investment strategies, considering the users’ capacity of Facebook.
Bitcoin is presently faring well in the market, as well as Ethereum (ETH), Ripple XRP and other top cryptocurrencies. BTC has already surpassed $9,100 resistance level, but there has been social media war of words about its future as Facebook’s cryptocurrency unveiling draws near.
In describing the strength “Libra” is coming with, Ran Neuner, host of CNBC’s Crypto Trader, analysed how Facebook’s CEO, Mark Zuckerberg, will eventually become the most powerful dictator on earth, pointing to the over 2 billion active users of the giant social media. He added that GlobalCoin would outpace US Dollar, considering the user-base that will have access to it.
Anthony Pompliano and Peter Schiff Staked $1 Million on Facebook’s Libra Killing Bitcoin within 5 Years
Peter Schiff, CEO at Euro Pacific Capital, is an obvious Gold maximalist, who wishes Bitcoin’s abject loss of value. He sees Libra as the best invention to challenge the long term dominance of Bitcoin in the market.
Schiff stressed in a tweet that Facebook’s forthcoming cryptocurrency, “Libra”, is clearly a bad news for Bitcoin’s usability. He pointed that the social media giant will target the market under the dominance of Bitcoin, which is the only means to sustain its price steady growth. He concluded that Libra will be stable, cheap and user-friendly in terms of exchange than Bitcoin.
Facebook's new crypto currency "Libra" is bad news for Bitcoin. Facebook will target the very market Bitcoin is counting on for growth, the unbanked in nations with high inflation. Libra will be stable, and much easier and cheaper to use as a medium of exchange than Bitcoin.
— Peter Schiff (@PeterSchiff) June 14, 2019
Meanwhile, Anthony Pompliano, Co-founder & Partner at Morgan Creek Digital had earlier predicted that Bitcoin is on the course to shock the world with a price hallmark of $100,000.
$100,000 BTC is going to be WILD 🔥
— Pomp 🌪 (@APompliano) June 2, 2019
In response to Schiff’s claim that Bitcoin will soon be valueless due to the proposed emergence of GlobalCoin, Pompliano challenged him by suggesting a bet of 10 BTC, which is equivalent to $88184 at press time.
However, for Schiff to stamp his assurance, he increase the stake to 1 million dollars, claiming that Bitcoin will be devalued to $100 dollars in 5 years’ time.
Seems like a bad bet for me. If you're right and bitcoin does hit 100,000 then I owe you 1 million dollars. But if Bitcoin is 100 dollars in 5 years, having never hit 100,000, you only owe me $500.
— Peter Schiff (@PeterSchiff) June 15, 2019
Pompliano also exhibited his confidence on Bitcoin (BTC) future by concurring to any bet on what he vividly believes. The assurance of Schiff is based on the potential strength of Facebook’s Libra, due to the utilities it’s coming with and the interest of the institutional investors. However, Bitcoin is still soaring in the market regardless of the launch of GlobalCoin. The winner of a battle that has not started cannot be determined.