Shutterstock/Victor Tangermann
Back To Bullishness

Facebook’s Libra Cryptocurrency Just Resuscitated Bitcoin

byDan Robitzski
6. 24. 19
Shutterstock/Victor Tangermann

Bitcoin is back from the dead.

Welcome Back

Bitcoin reached the highest value the popular cryptocurrency has had in the last 16 months — $11,251.21 — on Monday.

And Facebook is likely to blame. Analysts suggest that the social media giant’s recent unveiling of its own cryptocurrency called Libra likely bolstered investors’ confidence in crypto across the board, according to Agence France-Presse. Though Bitcoin never really recovered from its massive crash in late 2017, the recent resurgence is a sign that the cryptocurrency isn’t quite fading away as some believed.

Crypto-Optimists

Thanks to the popularity boost from Libra, the analysts who spoke to AFP predict big things in Bitcoins future, though the unpredictability of any cryptocurrency’s value will forever pose a challenge to investors.

“Bitcoin volatility is likely to persist,” Edward Moya, a senior market analyst at the foreign exchange company OANDA, told AFP, predicting that the cryptocurrency would struggle but eventually succeed to hit $12,000 and $15,000 down the road.

Advertisement

READ MORE: Bitcoin surges above $11,000 thanks to Facebook’s currency plans [AFP via Phys.org]

More on Libra: Senator Slams Facebook’s New Crypto: “Facebook Is Already Too Big”


As a Futurism reader, we invite you join the Singularity Global Community, our parent company’s forum to discuss futuristic science & technology with like-minded people from all over the world. It’s free to join, sign up now!

Share This Article

Copyright ©, Singularity Education Group All Rights Reserved. See our User Agreement, Privacy Policy and Cookie Statement. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Futurism. Fonts by Typekit and Monotype.