- Peter Schiff considers Facebook’s stablecoin would damage Bitcoin
- Anthony Pompliano thinks Bitcoin would not be affected by GlobalCoin
The recognized gold proponent Peter Schiff considers that the new virtual currency that is being developed by Facebook is bad news for Bitcoin (BTC). Facebook is currently working on its so-called “Project Libra” that includes the stablecoin dubbed GlobalCoin. Anthony Pompliano, co-founder of Morgan Creek Digital disagrees with Mr. Schiff.
Schiff And Pompliano Discuss About Facebook’s GlobalCoin
On January 14, Peter Schiff said that Facebook’s new cryptocurrency is bad news for Bitcoin. The large social media network is going to be targeting the very market Bitcoin is trying to capture. That includes countries with a large number of unbanked individuals and people living in countries with high inflation rates such as Venezuela.
Meanwhile, Anthony Pompliano answered that this is exactly the opposite and that Bitcoin will not be affected by this stablecoin. After it, Pompliano bet 10 BTC on whether Bitcoin hits $100,000 in the next five years. Nonetheless, Mr. Schiff did not answer to Pompliano’s comment.
Facebook’s new crypto currency “Libra” is bad news for Bitcoin. Facebook will target the very market Bitcoin is counting on for growth, the unbanked in nations with high inflation. Libra will be stable, and much easier and cheaper to use as a medium of exchange than Bitcoin.
— Peter Schiff (@PeterSchiff) June 14, 2019
Michael Novogratz, another recognized crypto bull, said that Facebook’s digital currency is a positive development for the crypto industry.
Facebook is a centralized company that does not follow the ethos of the cryptocurrency market. Individuals in the crypto space consider that GlobalCoin is not going to be censorship resistant, or decentralized, which is one of the main qualities related to Bitcoin and digital asses.
At the same time, Facebook’s Coin is going to be a threat to banks since this company must be compliant with banking regulations and other financial issues that would make it look a more modern way of a banking institution. Users would have the possibility to buy and sell goods and services with this stablecoin but providing all the financial information to Facebook.
Bitcoin Market Price Chart in RealTime