Facebook’s GlobalCoin set to take out Ripple, says Max Keiser

Be afraid, Ripple, be very afraid.

Facebook’s hugely hyped GlobalCoin will do away with the need for hundreds of altcoins, including XRP, according to crypto analyst Max Keiser. In a tweet dated 7th June, he said: “The altcoin apocalypse is nigh. This will drive Bitcoin higher as BTC competes with gold, not fiat”. Crypto payments ventures could also be wiped out, he added.

Trojan horse

GlobalCoin is the trojan horse that will bring blockchain adoption to the masses, José Maria Macedo, Head of Advisory at blockchain advisory firm, AmaZix, told Coin Rivet last month.

Facebook’s 2.4 billion monthly users will be able to change dollars and other international currencies into digital coins, which could then be used to make payments or transfer money without needing a bank account.

Facebook is looking to set this up in about a dozen countries by the first quarter of 2020. And the social media giant wants to start testing GlobalCoin, the value of which would be pegged to a basket of established currencies, including the US dollar, the euro and the Japanese yen, by the end of this year.

Founder Mark Zuckerberg has spoken to Bank of England Governor Mark Carney regarding the opportunities and risks involved in launching a cryptocurrency. His company has also sought advice on operational and regulatory issues from officials at the US Treasury.

‘Bigger than the US dollar’

“Through Facebook and Whatsapp, potentially hundreds of millions of people will use GlobalCoin. It has the potential to be bigger than the US dollar in terms of numbers of users,” Macedo argued.

“Mark Zuckerberg has looked beyond the hype, and seen the potential of…

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