Bitcoin expert Max Keiser thinks that the new stablecoin of Facebook GlobalCoin will make other altcoins unnecessary according to the latest cryptocurrency news that we have on our website today.
Ripple (XRP) and most of the other cryptocurrencies will be defeated by the social media giant’s stablecoin according to Keiser. He also thinks that the stablecoin will obliterate payments and remittance firms that leverage cryptocurrencies:
“The $FB global stable coin… FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh.”
As it was revealed so far, the main goal of GlobalCoin is to make peer-to-peer payments and other microtransactions which could pressure altcoins such as XRP and Litecion. Both of the selling points of the altcoins are making chief selling points that which are cheap transactions and speed. Unlike the scenario what will happen to the altcoins, Keiser thinks that the new stabelcoin will be a boost for bitcoin because the largest cryptocurrency competes with gold and not fiat.
Facebook announced previously that the new digital currency will be pegged to a few currencies and not just the U.S. dollar. The social media giant says that they will especially target developing countries where domestic currencies are hit with high volatility such as Venezuela and Zimbabwe. The new stabelcoin will be available on multiple properties such as Messenger and WhatsApp.
The Bitcoin expert says that Facebook is using the argument that the GlobalCoin will mostly target developing countries which is expected to increase the revenues of the company in the poorer regions in the world where there is a massively growing users base but low average revenue per user.
As an illustration, the revenues of the company are drawn from North America despite the fact that the majority of the users are coming from outside the region as noted in the altcoin news previously. For example, in Q4 2018, Facebook generated about 34.86 percent of the revenues from Canada and the United States. Also, the Asia Pacific region made up to 2.96 percent of the revenues where only India has more users than both Canada and the United States combined.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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