Will Bitcoin Price Cross $250,000: Facebook’s Libra Gives A Much-Needed Boost To Cryptocurrencies

Posted: Jun 17 2019, 10:30am CDT | by , in Technology News

 

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Will Bitcoin Price Cross $250,000: Facebook’s Libra Gives a Much-Needed Boost to Cryptocurrencies
bitcoin

Billionaire Tim Draper's prediction of Bitcoin price touching $250,000 seems to be of substance as the cryptocurrency extends its rally amid Facebook's plan for its own digital coin.

Bitcoin is back into the limelight as the cryptocurrency crossed the critical $9000 over the weekend, settling over $9300 by early Monday. The latest boost for Bitcoin came after the Wall Street Journal reported last week that Facebook was set to launch its own cryptocurrency, Libra, in 2020. The social media company has backing of over a dozen companies for this project, including traditional payment processors Mastercard and Visa. Uber, Stripe and PayPal are also investing in Libra. The Journal reported that these companies will invest around $10 million each in a consortium that will govern Libra.

Facebook is seeking to raise as much as around $1 billion for the cryptocurrency project.

The appeal of cryptocurrencies, especially Bitcoin, will rise as big companies like Facebook begin to invest in the market.

Facebook’s plan reassured the notion that cryptocurrencies are the future of online payments. Major companies investing in cryptocurrencies will eventually prove crypto skeptics wrong. Major crypto bears include billionaire Warren Buffett, who believes that cryptocurrencies will come to a bad ending.

There are several predictions and signs pointing towards a massive Bitcoin revival in the near future. Billionaire investor and venture capitali Tim Draper reiterated his claim earlier this year that everyone will be using Bitcoin in a few years. Draper sees Bitcoin touching $250,000 mark by 2023.

Todd Gordon, founder of TradingAnalysis.com, also predicts that Bitcoin price will cross $10,000 by the end of this year.

Bitcoin price is also getting a boost amid the U.S-China trade war, which is taking a toll on the traditional assets’ worth. Digital asset manager Grayscale said in a report that Bitcoin gained 47% in the period from May 5-May 31.

“Bitcoin is getting a jump before these risks are fully reflected in other asset prices,” Grayscale’s director of investments and research, Matthew Beck, said in the report.

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<a href="/latest_stories/all/all/26" rel="author">Fahad Saleem</a>
Fahad Saleem is an experienced technology writer with special interest in Apple.

 

 

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