By CCN: Ripple (XRP) and most other cryptocurrencies should be looking over their shoulders now that Facebook has announced it is launching GlobalCoin (or Libra), according to Bitcoin expert Max Keiser.
In Keiser’s opinion, GlobalCoin will render altcoins irrelevant, and this includes Ripple. The Bitcoin bull also sees the Facebook coin obliterating payments and remittance companies leveraging cryptocurrencies:
“The $FB global stable coin… FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh.”
How GlobalCoin Will Boost Bitcoin While Slaughtering Ripple
As has been revealed so far, the purpose of GlobalCoin is making peer-to-peer payments and other microtransactions. That could pressure altcoins like Ripple’s XRP cryptocurrency and Litecoin (LTC), whose chief selling points are speedy, cheap transactions. It is also a niche that crypto-based payment companies such as BitPay target.
Unlike what will happen to altcoins, Keiser expects GlobalCoin to be a boon for Bitcoin. This is because Bitcoin “competes with gold, not fiat.”
Facebook has announced that its digital currency will be pegged to multiple currencies and not just the U.S. dollar.
The social media giant is said to be specifically targeting developing countries where domestic currencies experience wild volatility, with Venezuela and Zimbabwe immediately coming to mind.
Besides its main social media platform, the digital currency is expected to be available via its other properties. This includes WhatsApp and Messenger.
Already, Facebook Messenger has a peer-to-peer payments function that has been a flop, especially in Europe. Mid this month, Facebook is expected to discontinue this service in France and the UK.
Why Developing Countries?
While Facebook is using the argument that GlobalCoin will mostly target developing countries with highly volatile national…