Facebook: ‘Biggest on-Ramp Ever’ for Bitcoin Adoption?
By CCN: Spencer Bogart, a partner at crypto investment firm Blockchain Capital, argued in a new blog post that over the next two years Facebook, Telegram, and stablecoins will create the largest on-ramps to crypto that the Bitcoin industry has ever seen.
Facebook & Telegram Could Fuel Rabid Crypto Expansion
With the on-boarding of two of the largest networks in the world – Facebook and Telegram – the crypto economy is likely to grow a great deal in the coming few years. Regardless of whether these platforms are integrating Bitcoin directly, all cryptos will be in higher demand as a result. Further, more people than ever will be familiar with the ability to send money quickly and cheaply using blockchain technology. Bogart says:
“It’s a virtuous cycle: As more users onboard to crypto, more developers build more incredible things to do with programmable money which drives more users and more capital to the industry. The net result is more growth. And a lot of it.”
Facebook is said to have already contacted Bitcoin exchanges about helping it issue its WhatsApp cryptocurrency. | Source: REUTERS / Dado Ruvic
While the Telegram Open Network token and Facebook cryptocurrency are likely to be the “gateway drug” for many people, once they get exposed to crypto, they’ll have the ability to trade these tokens for more established cryptocurrencies like Bitcoin, Ethereum, or Tron, depending on what they’re interested in doing in the blockchain world.
“Importantly, what initially attracts these new users to crypto may not be the same as what retains them. For example, Telegram’s native currency TON may serve as an on-ramp to crypto but, once users have TON, it will be easy to exchange it for other cryptoassets with a stronger value-prop and more established track record — and it’s likely that some non-negligible percentage of users will actually do so.”
New-Wave Stablecoins Offer a Key Feature: Trustworthiness
Bogart also points out that there’s a fundamental difference in the latest stablecoins as opposed to those that have long existed (like Tether) as digital proxies for fiat currencies.
|CryptoCurrency||USD||Change 1h||Change 24h||Change 7d|
|Bitcoin||0.62 %||2.58 %||3.44 %|
|Ethereum||0.78 %||3.69 %||11.95 %|
|Tether||0.06 %||0.02 %||0.46 %|
|Binance Coin||0.43 %||3.44 %||6.45 %|
|Cardano||0.50 %||2.04 %||3.41 %|
|XRP||0.85 %||5.18 %||14.39 %|
|USD Coin||0.07 %||0.25 %||0.85 %|
|Dogecoin||0.39 %||3.51 %||3.48 %|
|Polkadot||0.78 %||6.01 %||23.12 %|
|Binance USD||0.47 %||0.17 %||0.25 %|
|Uniswap||0.39 %||5.12 %||14.00 %|
|Chainlink||0.80 %||0.69 %||25.22 %|
|Bitcoin Cash||0.59 %||5.57 %||10.45 %|
|Solana||1.35 %||0.62 %||22.51 %|
|Litecoin||0.52 %||4.23 %||5.53 %|
|Wrapped Bitcoin||0.59 %||2.60 %||3.53 %|
|Polygon||0.37 %||3.19 %||0.95 %|
|Ethereum Classic||0.07 %||4.80 %||2.23 %|
|Stellar||1.01 %||4.53 %||3.28 %|
|Theta Network||0.68 %||3.24 %||2.16 %|