Facebook ‘has lit a fire’ under Bitcoin and crypto

Facebook ‘has lit a fire’ under Bitcoin and crypto

Facebook, the world’s largest social media network, boasting more than two billion users across its various platforms, is ramping up its plans to launch a rival to bitcoin following reports it’s looking to get venture capital firms to invest in its cryptocurrency project.

The bitcoin price, which has recently rallied to year-to-date highs, has been desperately seeking direction over recent months as the traditional finance industry, global tech giants, and the world’s regulators mull how to proceed with bitcoin, blockchain, and cryptocurrencies.

Now, Spencer Bogart, an executive venture capital firm Blockchain Capital, has said the recent revelations about Facebook working on a bitcoin rival have “lit the fire in the pants of every major [financial technology] and financial institution in the U.S.”

“We have seen public reports of what Facebook might be working on–most of that is pretty private,” Bogart told financial newswire Bloomberg. “But what we do know is that they have [an extensive] and serious team that is working on some public blockchain effort—some payment system.

Bogart suggested that Facebook will be a catalyst for mainstream bitcoin and cryptocurrency adoption around the world, spurring other financial and technology companies to get into bitcoin and crypto.

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