Ever since the great collapse in Bitcoin’s price, crypto investors and enthusiasts have been anxiously waiting for the market to rocket once again. Unfortunately, the bears have had control of the crypto market for over a year now and some analysts believe we’re in for another Bitcoin dump. Despite the gloom and doom hanging over the current market, there might be some hope for a Bitcoin pump in the near future. And, that hope could be tied to some unlikely influencers.
Details About FaceBook and JPM Crypto Coins
In mid-February, JP Morgan did a complete 180 when they announced that the massive financial institution will be implementing its own crypto coin. It was a surprise to many market experts as JP Morgan’s top executives have openly bashed Bitcoin in the past.
However, it appears that JPM has recognized the changing winds as cryptocurrency is beginning to be adopted throughout the globe.
With that said, JP Morgan decided to create their own coin instead of using an already established coin like XRP.
The JPM coin is set to be used only within the JP Morgan infrastructure. There’s no immediate plans for consumer or commercial usage outside of JPM.
Unlike JP Morgan, Facebook has yet to release their coin. However, there have been numerous leaks as to the plans for this coin.
For starters, the FB coin is expected to be used in the WhatsApp and possibly integrated with Instagram and Facebook in the near future. That would give the coin exposure to billions of users.
Both JPM and FB coins are said to be stable coins. Obviously, JPM is a centralized coin based on the JP Morgan “ecosystem.” Facebook is rumored to have its stable coin pegged to multiple fiat currencies.
How Can FB and JPM Coins Boost Bitcoin?
Although the diehard crypto believers are thumbing their nose at this idea, FB and JPM could actually help to boost the Bitcoin price. Neither coin will directly affect the price of Bitcoin even if they hit the open market and are paired with BTC.
However, both coins can indirectly boost BTC by increasing the exposure of crypto to the average person and mainstream media.
This could have a massive influence on the market overall. If 100 million combined users from FB and JPM participate in using their respective digital tokens, it could open the doors for these users to see the significance with Bitcoin.
Of all the coins in the crypto market, none are more widely accepted than Bitcoin. From ordering pizza to gambling and credit cards, Bitcoin’s usage is growing rapidly. Speaking of gambling, TheSportsGeek.com has bitcoin betting recommendations for those of you who like to gamble. Ultimately, whichever coin can bring more eyes on the crypto market, it will inevitably boost mass adoption and the digital gold known as Bitcoin can rocket once again.