Bitcoin prices skyrocket thanks to Facebook

eaLiTy

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Quote from: putra goromo on June 19, 2019, 03:18:32 AM

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.

Quote from: putra goromo on June 19, 2019, 03:18:32 AM

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 Cheesy

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entebah

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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.

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Quote from: bitbunnny on June 26, 2019, 06:41:54 AM

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.

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Quote from: goaldigger on June 26, 2019, 06:18:21 AM

Quote from: boyptc on June 19, 2019, 03:51:49 AM

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.

bitbunnny

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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.

goaldigger

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Quote from: boyptc on June 19, 2019, 03:51:49 AM

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.

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Quote from: Shinpako09 on June 26, 2019, 03:05:54 AM

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.

Shinpako09

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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.

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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.

LeGaulois

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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.

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Quote from: Questat on June 25, 2019, 02:18:47 AM

Quote from: boyptc on June 19, 2019, 03:51:49 AM

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.

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Quote from: Arkham Knight on June 25, 2019, 06:49:10 AM

Precisely! They may hate Facebook's coin but it's like a free advertisement to bitcoin and altcoins. Now, more and more companies and investment firm and also banks trying to get in. The doubters are becoming the supporters. The release of Libra coin is a very good timing because it's very near the halvening and it's like bitcoin hitting two birds with one stone.

Well, I like the idea of becoming negative to positive this is maybe because of the influence of the social mainstream. But then again, a lot of factors that may affect the price surge not only social sites but the function of the services which is definitely slowly understand by some investors.

Arkham Knight

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Precisely! They may hate Facebook's coin but it's like a free advertisement to bitcoin and altcoins. Now, more and more companies and investment firm and also banks trying to get in. The doubters are becoming the supporters. The release of Libra coin is a very good timing because it's very near the halvening and it's like bitcoin hitting two birds with one stone.

imstillthebest

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lol . i dont think that its not facebook who help the price moved because before when facebook have not yet announce thier coin ' bitcoin is already doing a good job .

Quote from: DGulari on June 25, 2019, 03:53:47 AM

Quote from: fabiorem on June 21, 2019, 01:39:01 PM

Quote from: Slow death on June 20, 2019, 04:06:29 PM

now it's $9500

Cheap.
Feels like a elephant moving.

$11.3k now, still cheap?

its funny how he treat 11k usd cheap but at the same time he also used the word elephant , lol . i guess he is only joking .

Quote from: exstasie on June 21, 2019, 01:35:26 PM

Obviously this is just some stablecoin with no relation to Bitcoin.

stable coin is important to btc and other cryptos because stable coins help you secure the value of your coins . there is big relation between them .

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Quote from: fabiorem on June 21, 2019, 01:39:01 PM

Quote from: Slow death on June 20, 2019, 04:06:29 PM

now it's $9500

Cheap.

Feels like a elephant moving.

$11.3k now, still cheap?

Quote from: BTCappu on June 21, 2019, 12:29:51 PM

Facebook has nothing to do with the increase of bitcoin and bitcoin hasn't "skyrocket" just yet, it has been a slow increase for sure but those who do not remember the peak 2017 and how we reached there may consider this a skyrocket themselves.

We know bitcoin going 10%+ a day for a month to reach 20 thousand dollars multiple times and before that during 2014 we have reached from 150 dollars to 1400 dollars in a month as well whereas this time around it has been 2 months and bitcoin only managed to went from 3 thousand to 9 thousand which is still a great increase but not a skyrocket at all. Plus the biggest increase during 3k to 8k times happened way before libra was announced so it definitely has nothing to do with it.

You need to be really a shill of Libra to think they have any connection at all.

Libra or not, thanks to that bitcoin successfully surpassed $10k.

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Quote from: Questat on June 25, 2019, 02:18:47 AM

Quote from: boyptc on June 19, 2019, 03:51:49 AM

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.

well, I think, the announcement of Facebook released libra, just like the announcement yesterday that bids crypto ads. this makes a considerable effect. I also thought that this had something to do with Libra, and I felt that this would certainly make the price of bitcoin even higher.

Questat

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Quote from: boyptc on June 19, 2019, 03:51:49 AM

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.

timerland

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Quote

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.

No. I personally do not see a correlation here whatsoever, given the fact that the coin that Facebook will launch will have absolutely nothing to do with decentralization, but it's rather more related to their own profits.

There should be a clear distinction drawn between what is corporate use of blockchain for their own profit driven incentives, and actual decentralized cryptocurrencies.

Once you draw that distinction, you'll find that the demand for each of them is completely different, and thus, the value of one is most likely completely untied from the other. BTC is bullish mainly because of the stage of the market cycle we're in right now, not to any external events.

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Quote from: NeuroticFish on June 19, 2019, 04:18:38 AM

Bitcoin price could rise because of Libra, but only on long term, when, as somebody said, people will "see" Libra and will want "the real thing".
But Libra is just another stablecoin, one that's even worse than most of the ones we already have around.

You make it sound like potential crypto users are choosing between two candidates during the cola wars of the 1990s.
They rather choose the real thing. Wink

Carreuh

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I never thought if soaring the price of bitcoin was influenced by Facebook because before joining Facebook in cryptocurrency the price of Bitcoin had started to rise and again there were several other outside investors who were very influential on the price of bitcoin not because of Facebook

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