Thanks to Mark Zuckerberg's Facebook post today (Jan. 4, 2018) we now know that mass adoption of cryptocurrencies could be on the way....
If Facebook Inc. (Nasdaq: FB) accepts Bitcoin on its site, for example, the 1,364% gains from Bitcoin this year could be just the beginning of Bitcoin's growth. Facebook has 2.07 billion monthly active users (MAUs) who could be introduced to cryptocurrencies through the social media giant.
In his post, Facebook's CEO said the company was considering using cryptocurrency and encryption technologies on its platform.
"I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services," Zuckerberg said.
Zuckerberg's post is a milestone for cryptocurrencies. The potential for Facebook to adopt cryptocurrencies has already captivated the crypto community.
There was speculation that Facebook would accept the cryptocurrency Litecoin on its payment platform because of a Dec. 21 Zero Hedge report, yet no concrete evidence emerged.
But this Zuckerberg post confirms Facebook is seriously looking into cryptocurrencies, and that could be a bullish catalyst for the prices of Bitcoin, Litecoin, Ethereum, and other coins to skyrocket...
Mark Zuckerberg Could Bring Widespread Adoption to Cryptocurrencies
One of the biggest knocks on crypto coins is that they can't be viable currencies when people can't use them for everyday transactions, like buying food or sending money to friends and family.
While there are well-known companies like Overstock.com Inc. (Nasdaq: OSTK) and Expedia Inc. (Nasdaq: EXPE) that accept crypto coins, using coins for everyday transactions isn't yet possible.
You still have to hunt down merchants who accept crypto payments on a case-by-case basis.
Zuckerberg could change all of that...
Facebook has 2.07 billion MAUs. With those billions of users getting introduced to cryptocurrency, adoption could drastically increase.
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The social media giant's Messenger app already allows users to send each other money, so some engineering work could help expand that to sending and receiving cryptocurrencies.
Facebook also already is partnered with Shopify, and that partnership has allowed Facebook to sell products directly on its site. According to its website, Shopify lets customers accept Bitcoin payments.
Facebook also launched a food-ordering service in October 2017, which could be updated to accept cryptocurrency as a payment.
Zuckerberg could also allow for games and other services to be purchased on Facebook with cryptocurrencies.
If more people are using virtual currencies on Facebook, they will also look for other places to spend their coins.
We don't have many details on what Zuckerberg will be studying about crypto beyond what he said in his post.
But if Zuckerberg brings more attention to cryptocurrencies, the adoption of cryptocurrency payments can increase. If more people are using cryptocurrency to make payments, coins will become more valuable because of the use, and people will be willing to pay more for cryptocurrencies.
As more details emerge about Zuckerberg's plans, we will let Money Morning readers know through our free "Facebook and Cryptocurrency" Profit Alerts service.
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