Categories: Bitcoin Business

Novogratz: Facebook Integral To Crypto, Bitcoin Won’t Get Hurt By “Globalcoin”

Click here to view original web page at

At long last, some of the world’s largest companies are delving into on crypto and related technologies. The past weeks have seen news arise that some of the world’s largest institutions in TD Ameritrade and Fidelity continue to scale into Bitcoin.

What’s also important is that giants of the technology world also continue to foray into the cryptocurrency space. While Microsoft, IBM, Samsung, and Google have made good progress with their blockchain-related products, Facebook may make the biggest splash yet with its own digital asset.

Meet Facebook’s Digital Asset

At last, it seems that the details of Facebook’s cryptocurrency are starting to get ironed out. For those who missed the memo, the social media behemoth has long been rumored to have been developing a blockchain product behind closed doors. Only recently was it revealed that said product was a cryptocurrency. And only just over the past few weeks have the detailed around the project been mostly ironed out.

As NewsBTC reported on Friday, Facebook’s cryptocurrency will be named “Globalcoin”, with its issuance being completed by a subsidiary named “Libra” that is based in the historically crypto-friendly Switzerland. While the product was first slated to be introduced in India, new reports state that the coin will be available through Whatsapp, which sports two billion active users, and will be a payments mechanism and a medium of exchange for the social media ecosystem.

To drum up ideas and development, it has even been reported that Mark Zuckerberg was mandated to sit down with Gemini’s Winklevoss Twins, his peers-turned-rivals at Harvard and other Facebook co-founder claimants, to talk crypto.

And while the launch of Libra/Globalcoin is expected to be in Q1 of 2020 at the earliest, there is growing hype around what Facebook will be able to do with this development.

Speaking to CNBC’s “Squawk Box”, Galaxy Digital’s Mike Novogratz accentuated the importance of Facebook’s massive step into this space. The former Wall Street hotshot, now a well-known cryptocurrency investor, said that “Facebook is wildly important for the ecosystem”, adding that this tacit endorsement of the technology behind Bitcoin is resounding. He even states that contrary to popular belief, Globalcoin will add value to the non-centralized cryptocurrency ecosystem, not subtract.

"Facebook is wildly important for the ecosystem" – @novogratz on #cryptocurrency "Bitcoin is not going to be a payment currency. Bitcoin is going to be a stored value just like gold."

The Most Important Crypto Firm?

Novogratz isn’t the first to have brought up this thought process. In a newsletter published last year, Anthony “Pomp” Pompliano, a Facebook growth team member-turned-crypto venture capitalist and Bitcoin evangelist, also accentuated the importance of Facebook in blockchain.

Pomp, who has gone to the ends of the Earth to laud cryptocurrencies and the value proposition they pose, claimed that consumers should “never underestimate Mark “Zuck” Zuckerberg. He claimed that Facebook’s blockchain solutions, no matter what form they take, is about “building a globally dominant product that changes the way billions of people live their lives.” He continued:

If the technology company could successfully build the product and drive adoption, they will have a chance to transition from a social network to one of the largest financial services companies in the world. This move would allow them to take a small percentage on each transaction and reduce the dependency on their advertising-based model.

This is powerful, especially considering how much influence Facebook already has. As commentators such as Ari Paul of Blocktower Capital have suggested, a Facebook-backed cryptocurrency could open the Bitcoin door to millions of consumers across the globe, even if the two ecosystems don’t have much overlap.

Pompliano simply says that because of this, Facebook is likely the most important company to the cryptocurrency ecosystem at the moment, despite what many think about institutions and (slightly) bigger names in tech.

Detractors Wary Of Globalcoin

While many are sure that the launch of Globalcoin will only validate Bitcoin and its ilk, giving common Joes and Jills the skills and heart to delve into cryptocurrency, some are skeptical of the Facebook-backed asset.

Frank Chaparro of The Block reminds his followers that Zuckerberg hasn’t had much of a regard for the privacy of his users, even when Facebook was a fledgling firm. Others echoed this sentiment, noting that the product is not only going to likely be centralized and will be susceptible to censorship, government oversight, amongst other concerns that don’t pertain to Bitcoin.

For those of you bullish on Facebook’s “GlobalCoin,” never forget who we’re dealing with

— Frank Chaparro (@fintechfrank) May 25, 2019

Featured Image from Shutterstock

Tags:blockchaincryptofacebooktechnology Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Terrorists are turning to Bitcoin for funding, and they’re learning fast

Representational image of Bitcoin. (File: Bloomberg) By Nathaniel Popper Hamas, the militant Palestinian group, has been designated a terrorist organization… Read More

4 hours ago

Latest Faketoshi says he conveniently ‘lost the hard drive’ containing billions in Bitcoin

Just yesterday we told you how there was a new Faketoshi in town, staking a questionable claim to the Bitcoin… Read More

4 hours ago

Study Suggests Scarcity Could Drive Bitcoin Prices to $60,000 by May 2020

Share Tweet Send Share Bitcoin price predictions have been coming thick and fast in recent months as the world’s top… Read More

4 hours ago

“Bitcoin will never hit 50k” says crypto skeptic Peter Schiff

For a man that wants nothing to do with Bitcoin , economist and Euro Pacific Capital CEO Peter Schiff never… Read More

4 hours ago

Casa Releases Node Monitor Service to Improve Bitcoin Network Health

Casa, a crypto firm that provides a private key management service and Bitcoin node machine, has unveiled a node monitor… Read More

4 hours ago

ETC/ETH Technical Analysis: Ethereum Classic breaks higher

Ethereum Classic vs Ethereum: Classic is making a comeback today An important price level has been broken 0.037673 looks to… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More