Max Keiser, a popular Bitcoin expert has said that XRP and other digital assets will be destroyed by GlobalCoin, the yet to be launched crypto asset by the social media giant, Facebook. The only one who will survive according to Keiser is Bitcoin.
When asked if Facebook’s GlobalCoin could be a major threat to XRP and other major crypto assets Max Keiser said, “The $FB global stable coin… FaceCoin obviates the need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh. This will drive Bitcoin higher, as BTC competes with Gold, not fiat. (Also, crypto ‘payments’ companies likely to wipe out).” Keiser thinks that GlobalCoin will make altcoins irrelevant and sees that the Facebook coin will obliterate payments and remittance firms leveraging crypto assets. The only one who will be surviving the GlobalCoin wave will be Bitcoin. GlobalCoin has created a huge thrill since its first announcement. The firm said that one of the best things is the possibility of this coin to offer a hassle-free peer to peer payment service as well as other microtransactions.
That means that Facebook’s coin will stand in competition with Litecoin and XRP offering cheap and quick transactions. With Keiser agreeing to Charlie Shrem, the founder of Bitcoin Foundation who stated that the social media giant intends to make companies pay 10 million dollars, in order to certify them as validators. According to him, this alone is enough to render Ripple ineffective. He said, “Facebook is launching their global crypto coin called “Libra”. What’s interesting is they are offering companies to pay $10m to become “validators”. If anything, it renders Ripple useless. The first companies to create a LIBRA/BITCOIN exchange will make a killing!”
José Maria Macedo, Head of Advisory at blockchain advisory firm, AmaZix, on the other hand, thinks that 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 said. Oliver Woodhouse, a financial services regulatory lawyer at Capital Law, said, “We should look at this as an opportunity to introduce millions of people to innovative and emerging technology which has the potential to revolutionize the payment and remittance market.”