Facebook Is Going to Give you Cryptocurrency

What Facebook is about to do is unprecedented. When it enables its 2.5+ billion global users access to a platform to exchange digital currencies, the entire world gets a crash course in digital currency all at once. This is exactly what is being materialized with Facebook’s new diem project, which is different from their attempt at a cryptocurrency of their own last year that was highly scrutinized by the governments at large. This digital wallet Facebook will unleash enables people to deposit their real government-backed fiat currencies onto Facebook and receive digital representations of those currencies, aka  Facebook’s version of stablecoins such as digital dollars and digital euros.

Now, given the path Coinbase and Square paved and Paypal followed, do you think Facebook gives up a massive profit-generating machine of bitcoin/cryptocurrency transaction fees that these other companies have proven to be very profitable? The onramps continue to widen for the spread of the adoption and normalization of cryptocurrencies in general, Facebook is just one of the next dominos in line. Cryptocurrency will become just as normal as Facebook, Instagram, Google, Netflix, and now Zoom are in our lives today. 

The question still begs, what will be the global reserve currency in this new digital money paradigm? Because we know these government currencies can just be digitally altered to inflate at any given time where do we store the wealth in this digital money world?  My bet is on the largest, most secure monetary network on the internet today with the most recognized and trusted brand and a digitally hard-coded supply cap making it the soundest money humans have ever invented:

 Bitcoin.