Bitcoin prices skyrocket thanks to Facebook

[South Park]

I don't think that it's only because of facebook.

Even before their announcement, the market has became better although I consider them contributed to the recent growth of the market.

Facebook still give a big contribution for this rise, it's after the announcement of facebook that bitcoin breach $10,000 and this growth at that price is significant enough and it's one of the barometer for some to invest again in the market.

This month alone, bitcoin already increase $3000, and if that same increase would happen next month, price could rise to $15K and not impossible to have a new ATH early this year.

It was just a coincidence, the price has been growing for some time and it was just a matter of time before the 10k price was broken, many try to find a reason of why the price does what it does and they begin to see all kind of things and patterns that are not there, the price went up simply because bitcoin has being undervalued for a long time and once it began to go up people noticed and this created hype for bitcoin and the rest of the market as well.

[LeGaulois]

People use everything trying to explain the current market, no matter the ups or down. They never want to admit when it's something coming naturally. Let's the FB hype dying and you will see. By the way, in my country, they said no way FB will be able to issue their coin here. No banking licence =no banking activity. Pretty sure a lot of other countries will follow the same path. Especially in EU currently hunting GAFAM with their taxes.

[FanEagle]

I think everyone already understood that bitcoin didn't went up thanks to facebook at all. I mean I have personally been involved with marketing for a long time and I have tried to make advertisements of some products all over the internet and while google and twitter all allowed crypto advertisements facebook wasn't allowing it because of crypto ban reasons.

Now, you are here telling me a facebook crypto would make things different and allow us to get a bigger price in bitcoin just because they are getting into crypto? There is no way, if facebook didn't even allowed crypto to be advertised then their own personal crypto is just pure hypocrisy at best. Bitcoin was down for very long time and the moment sellers stopped selling at the bottom people started to buy back and rallied up, thats the reason.

[Shinpako09]

I won't deny that maybe fb helps with this rise but even before their announcement, the bull run has already started. Maybe it makes the situation became even better. Eventhough they have their own coin, still other coins or the whole crypto is benefiting from their move joining in. Pretty sure, others view in crypto will change.

[Kemarit]

I won't deny that maybe fb helps with this rise but even before their announcement, the bull run has already started. Maybe it makes the situation became even better. Eventhough they have their own coin, still other coins or the whole crypto is benefiting from their move joining in. Pretty sure, others view in crypto will change.

But isn't it their coin is not considered crypto per se, more of a stable coin. So I still have my qualms about Bitcoin being the recipient of this Libra coin, I think people are simply just accumulating because they know something big might happen. Just like when the OP started this thread, the price hasn't reached 5 digits, but look at where we are right now.

We are already in the bull market, and any news that will come around will just boost the price. But it doesn't mean it's the only contributory factor as the price of Bitcoin is really recovering this year.

[goaldigger]

I don't think that it's only because of facebook.

Even before their announcement, the market has became better although I consider them contributed to the recent growth of the market.

I remember that facebook doesnt involved on the moon last December 2017 but still bitcoin manages to go on that peak. Sure facebook will contribute big in promoting cryptocurrency and it has the power to encourage people to invest in it but i dont think this is the reason why bitcoin's price is soaring high now. Maybe just a part but not all.

[bitbunnny]

I'm not sure this Bitcoin growth has anything to do with Facebook. Price rise started even before Libra coin was announced and if that pushed further pump it's very hard to say. Personally I would say that recent price rise is due to current conditions on the market that are very favourable.

[joshy23]

I don't think that it's only because of facebook.

Even before their announcement, the market has became better although I consider them contributed to the recent growth of the market.

I remember that facebook doesnt involved on the moon last December 2017 but still bitcoin manages to go on that peak. Sure facebook will contribute big in promoting cryptocurrency and it has the power to encourage people to invest in it but i dont think this is the reason why bitcoin's price is soaring high now. Maybe just a part but not all.

There's no concrete affiliation within, the rally is already happening before fb join the ride, maybe it can help promoting more and attract new investors as fb have a good established business and with them joining crypto it will get more attentions and more interested newbies to follow this market.

[Japinat]

I'm not sure this Bitcoin growth has anything to do with Facebook. Price rise started even before Libra coin was announced and if that pushed further pump it's very hard to say. Personally I would say that recent price rise is due to current conditions on the market that are very favourable.

Everyone has different opinion, for me it has something to do with facebook, the price was already bullish prior to facebook announcement but this big price increase now that we are thinking a bull run already is not normal and I don't see any big news that would push the price to rise this big.

[entebah]

I am of the opinion that the current growth in Bitcoin prices is reasonable, because before the price of Bitcoin was very cheap the price was under $ 10,000, so many investors started buying Bitcoin in large quantities. And in 2020 Bitcoin will do halving, so many save now.

[eaLiTy]

Investigating, the presence of Facebook's digital currency has contributed to controlling the value of Bitcoin. Some investors say the social networking plan is encouraging people to buy Bitcoin. This shows optimism for the increasingly widespread application of cryptocurrency in the mainstream financial system.

I really do not think so that the introduction and announcement of Libra has anything to do with the recent rally, if people are excited about a centralized coin why would the rally starts in bitcoin. Main stream financial institutions have stake in bitcoin as they have already invested in the past and the possibility of halving and the expected price rise could attract many huge investors to invest earlier and hence the rally and not because of some centralized coin announcement.

In addition, the company made by Mark Zuckerberg also targets the currency to be used in developing countries where many residents still do not have bank accounts.

If people are not even having bank accounts how will a centralized coin change those situation, you need infrastructure to make those changes and people who does not bother to have an account or never had the opportunity will not risk their money in any other platform. It is easy to say that it will help the developing countries but how they are going to achieve it is the biggest question  .