Industry Analysts Weigh in on GlobalCoin
Facebook’s cryptocurrency project is now public knowledge, and with each passing month, new details about the project are coming to light. The company recently released the name of their future crypto coin, calling it “GlobalCoin”. The name sends a direct message to the worldwide crypto market that Facebook is looking to establish themselves as the global leader in the market space.
If there’s any company that can establish a full financial network based around cryptocurrency, it’s Facebook. The company currently has 2.37 Billion monthly users located in every region of our planet. Undoubtedly, this will work to their advantage. However, what will be the repercussions of Facebook launching an entirely new global financial market. Will it be bad or good?
GlobalCoin a positive for Crypto Ecosystem
Galaxy Digital Founder, Mike Novogratz, has been one of the most vocal supporters of Facebook entering the crypto market. However, many other industry insiders have remained quiet on their thoughts about the project or have flat out come out saying they disagree with the decision. MrNovogratz argues that launching a crypto project through their social media network is silently promoting blockchain technologies, which will benefit everybody in the market in some manner.
Novogratz believes that there’s plenty of space of multiple cryptocurrencies to participate in a unified ecosystem, servicing various purposes in the process. Most insiders will claim that Bitcoin will always remain the long-term coin that will surpass any unexpected event to the market space.
Gabriel Dusil, the founder of Adel, remarked a similar statement to Novogratz by saying: “If Facebook’s coin achieves widespread adoption, then it will greatly benefit the crypto industry,” he said, adding that at this stage in the game, just about anyone major player that enters into crypto will likely benefit the ecosystem. At the moment, cryptocurrency is at risk of staying a niche play, relegated to a few million techno-libertarians and crypto-anarchists. With the help of Facebook, FAANG (Facebook, Apple, Amazon, Netflix, and Google) and other significant players, crypto can enter mainstream legitimacy, and exceed billions of users.”
The CEO of Anchor, Daniel Popa, spoke with “Finance Magnates” about how Facebook’s blockchain project will create an entirely new level of awareness for cryptocurrencies. He stated: “Education is critical. Facebook has the ideal platform to educate audiences about the benefits of using cryptocurrencies. However, they would need to lift the ban on crypto advertising and to promote to allow for users to be exposed to different cryptocurrencies and educated about the future of the global economy.”
However, there are immense educational opportunities that GlobalCoin brings worldwide for the crypto marketspace. It is also the only coin that can become stable and directly rival StableCoins from Tether.
The Crypto Curry Club Founder, Erica Stanford spoke with “Finance Magnates” and stated, “Tether, the most known, has yet to fully confirm whether they have as many Dollars in a bank as they have Tethers in circulation- i.e. are they truly asset-backed?” she explained. “Most StableCoins have not gained the trust and have difficulty proving that they are in fact, fully stable or asset-backed. Facebook has the reserves to potentially do this- to create a fully stable fiat backed .digital token.”
Eventually, GlobalCoin will become a significant player in the StableCoin space. Facebook has a bigger impact on the world than any other social media website, and as such, there will most likely be immense liquidity put forward to GlobalCoin. When Facebook manages to establish this coin as easy-to-use, reliable and secure, then they’ll be able to disrupt the traditional payment methods used online finally