Many have legitimate concerns about the future of the FX retail industry after the huge wave of fraud surrounding binary options and CFDs. Great hopes are pinned on crypto to be the savior of FX retail. Facebook could drive this development forward. The world’s largest social media network with more than two billion users plans to launch its own crypto. Allegedly, the social media giant looks to get venture capital firms to invest up to one billion in its Facebook Coin.
According to Spencer Bogart, Blockchain Capital executive, Facebook’s entry into the crypto space could be the best thing that ever happened to bitcoin. The Facebook Coin could be a significant catalyst for boosting bitcoin’s adoption globally. Even if just a small percentage of its 2 billion users get into the crypto the market could explode.
Many signs point to an imminent upswing of crypto. In fact, the digitalization of our lives finally requires a native digital currency with a functioning monetary system. Cryptos and blockchains could be that future.
The breakthrough for cryptoassets will come when the SEC clears the way for crypto-based financial instruments such as BTC ETFs. This could still be the case in 2019.