Bitcoin is once again making headlines, with a series of events engulfing the crypto world. Donald Trump, the former US President, has hinted at a ‘truly earth-shattering’ disclosure, and his crypto guru David Sacks has made some big claims in anticipation of an increase in bitcoin, sending traders into a frenzy. Meanwhile, a leaked report indicates Mark Zuckerberg will soon introduce cryptocurrency to Meta’s platforms.
Bitcoin Boom and Meta Potential Merger
Bitcoin broke above $100,000, up 30% since its April lows. The stunning rally has rekindled bullish forecasts that bitcoin will usurp gold’s $20 trillion market cap as a global store of value, according to Forbes.
Simultaneously, a Fortune report says Meta is ‘in talks with crypto companies to bring stablecoins for handling payouts’. While details are still pending confirmation, insiders believe this development could allow users to conduct transactions in digital assets or incorporate blockchain functionality into Meta’s apps.
Meta’s Renewed Interest in Crypto
Meta, the owner of Facebook, Instagram, and WhatsApp, is still reeling from its failed bid to build a global virtual reality experience with the Metaverse. Following the failure of its Libra digital currency (subsequently Diem) project in 2019 due to regulatory issues, Meta appears keen to get back into the crypto arena.
The advent of USDT (Tether), which earned Tether $13 billion profits last year, has brought about savage competition. Traditional banks and technology giants like PayPal and Bank of America are now developing or launching their own stablecoins to reap a portion of the rapidly growing market.
This dash for stablecoins signals a significant shift, with cryptocurrencies moving away from speculative investments towards becoming integral components of the global financial system.
