Facebook announces crypto money, FB’s stocks jump, crypto bulls are more bullish than ever

CNBC is reporting that: Facebook’s stock rose 4.2% Monday as investors anticipate the company’s entrance into the hot cryptocurrency space. According to reports from The Wall Street Journal and elsewhere, Facebook has partnered with companies like Uber, Visa and PayPal to create its new cryptocurrency called Libra. The initiative is run by David Marcus, the Facebook executive who previously ran Facebook Messenger. He was the president of PayPal before joining Facebook.

“We believe this is a major initiative for Facebook, and one that has the potential of putting the company front and center in areas beyond advertising, including commerce and financial services, materially expanding its total addressable market and growth prospects,” analysts at SunTrust said in a research note this week.

Crypto bulls hail Facebook’s digital assets

Bitcoin bulls say the tech giant’s stamp of approval would legitimize the space, make it easier to buy other digital assets, and spark major financial institutions to get out of “wait and see” mode. The social media giant is reportedly launching a digital asset to be used as a peer-to-peer payment within messenger apps. Analysts say that could legitimize the space, make it easier to buy other crypto assets like bitcoin, and motivate big financial institutions to get out of “wait and see” mode.

“Facebook’s efforts in the space has the potential to be one of, if not the most significant external catalysts for Bitcoin and crypto adoption in the technology’s history,” says Spencer Bogart, general partner at Blockchain Capital.


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Mohsen Daemi
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