The days of Bitcoin’s dominance seems to be getting red light as declared by some observes in relation to the much awaited launch of Facebook’s Libra Coin, yet some thinks it would be a blessing for all cryptocurrencies in the blockchain space.
Much of the pressure has been centered on Bitcoin and Ripple’s XRP, despite being the third cryptocurrency. The believe is that the globalised nature of Libra Coin will undoubtedly dent the future of Bitcoin and XRP in the market.
As a number of top finance companies around the world have rallied supports for the Global Facebook Coin, making uproars, disruption and dissents amongst analysts and investors spike.
A report by The Wall Street Journal revealed that Libra Association which will be governing Facebook’s GlobalCoin, consists of consortium of firms which includes PayPal, Visa and Mastercard.
Similarly, Facebook earlier claimed it is looking for $1 billion donations to support its cryptocurrency, and reports have it that companies like Coinbase, Uber and Andreessen Horowitz & Union Square Ventures, amongst others have shown their willingness to invest $10 million each.
These continue to signal more threat for viable coins in the space like Bitcoin and XRP. According to a post by Today’s Gazette, a CNBC crypto host believes that Mark Zukerberg will become the most powerful, unelected ruler in the world after launching its crypto coin.
The host, who is also a crypto trader, said the magnitude of Facebook’s userbase that will have access to the new invention is really scary, and it could outshine US Dollar in the market.
Nevertheless, Cryptocurrency enthusiast Kieran Kelly, believes otherwise.
Facebook’s Libra Coin would be A Mass Gateway to XRP and Probably BTC
While a number of twitter users maintain that the introduction of Facebook’s Libra Coin will make newbies come into the crypto space through other coins rather than BTC alone as obtained in the past, Kelly aired his contrary perspective.
Kelly, an XRP lover, proclaimed that Facebook’s Libra Coin would help open XRP and probably BTC to more adoption rather than being a threat.
— Kieran Kelly 🏴🇧🇧 (@kieranmlkelly) June 15, 2019
To back his assertion, the creation of the US backed JP Morgan Coin stirred rumors that Bitcoin and more important Ripple’s XRP have both gotten a formidable competitor that will drag them to mire.
However, the fiat backed stablecoin was later viewed as an innovation that will bring more adoption for cryptocurrency world at large.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.