The crypto space is anxious about what the much hyped and upcoming Facebook Coin will bring to the market, and various people are now grabbing opportunities to dish out their opinions on the matter.
The bone of contention is whether or not the Facebook Coin will have an impact on the crypto market and on Bitcoin in particular, and whether or not this impact will be positive or negative.
Not A Threat – It’s A Net Positive
Speaking during the ELEV8 Conference, hedge fund manager and crypto entrepreneur Jeremy Gardner offered his insight.
In his opinion, the entry of the FB Coin into the crypto market might as well be the best thing that ever happened to the market. In essence, Gardner sees a net positive in favor of Bitcoin and the crypto market in general.
$1 Billion In Funding
This issue rises at a time when reports are emerging that Facebook is now in talks with various firms to provide a $1 billion funding in venture capital for the new coin.
This money will be used as collateral for the coin, much like what happens with stablecoins whereby a crypto is backed by real money stored in bank accounts. The report was released in a twitter post by Nathanial Popper, a journalist who works with the New York Times.
FB Coin Could Cause A Crypto Boom
There have been some rude remarks from some quarters of the crypto community calling out Facebook for trying to disrupt the crypto party with its new coin.
However, some are now coming to terms with the fact that the FB Coin is actually a good thing for the market. For starters, since Facebook is used extensively, billions of dollars could be injected into the crypto market through Facebook, and that’s something good for the market.
In fact, such an occurrence would cause a significant crypto boom. According to Ted Livingston, founder of Kik, Facebook isn’t bent on disrupting the Bitcoin market, but rather replacing the dollar as the reserve currency – much like how the dollar replaced Gold. He termed the FB Coin as the “digital dollar” to be circulated via social media platforms.