Reports by TechCrunch and other publications indicated that Facebook was planning on publishing a white paper for the project called “Libra” or “Globalcoin” on June 18.
Industry commentators have expressed their opinions on the matter. Interestingly, some are divided on whether the crypto’s launch would be bearish or bullish for the industry. However, the majority of them are confident that Libra’s foray into the mainstream will be advantageous for Bitcoin and its altcoin brethren.
Circle chief executive Jeremy Allaire recently tweeted that the release of Libra (white paper) would be a “massive inflection point in [the] global adoption of cryptocurrency.” Per the prominent entrepreneur, he expects that by June 21, Bitcoin will be worth $10,000, “marking [the] start of Crypto Summer.”
Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.
— Jeremy Allaire (@jerallaire) June 15, 2019
Although $10,000 may look like a nice round number, some consider it as a critical level to watch. Fundstrat Global Advisors noted that once Bitcoin hits $10,000, “Level 10” FOMO will grace the market, which last happened when the coin blipped over $4,500 in late-2017. As Lee previously said, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”
In a recent podcast with Binance CFO Wei Zhou, Lee detailed that all hell will break loose for the crypto market after $10,000 is breached. That confirms the said analysis of the “FOMO levels” of the nascent market.
According to CCN, the Wall Street analyst claimed that upon breaching $10,000, a “fast and furious” move to $20,000 would occur. From there, Bitcoin will double over the following five months, hitting $40,000 in a jaw-dropping move.
However, others rebut such cheery sentiment regarding Libra. Prominent gold investor Peter Schiff ventured that the new project of Facebook would be “bad news” for Bitcoin. Schiff added that the social media giant would target the unbanked in “nations with high inflation (Venezuela, for instance),” therefore threatening the most significant medium of possible BTC adoption.
The crypto critic also mentioned that Libra would likely be more easy-to-use, stabler, and cheaper than Bitcoin. Indeed, some individuals and reports indicate that the Facebook play would involve fast transfer times, low fees, and a stability level not seen with Bitcoin.